The company, based in Riyadh, announced this project named ‘Aida’ is to be constructed on the hillside on the outskirts of Muskat, overlooking the Gulf of Oman. It will include 3500 residential units, luxury retail outlets, a golf course, and two hotels with 450 rooms.
The Donald Trump family business, the Trump Organisation, has reportedly signed a $1.6 billion deal with Dar Al Arkan, one of the largest real estate developers in Saudi Arabia. The organization is to license its name to a gigantic residential house and golf complex project; the first international marketing contract negotiated since the 45th US president vacated the White House in January 2021.
The company, based in Riyadh, announced this project named ‘Aida’ back in March. The resort is to be constructed on the hillside on the outskirts of Muskat, overlooking the Gulf of Oman. It will include 3500 residential units, luxury retail outlets, a golf course, and two hotels with 450 rooms.
The Trump family, on account of previous trends, will receive a cut from the condo sales and a share of the revenue generated by the golf course in exchange for using their brand name by the real estate giant. This sort of arrangement used to be one of the highest revenue generators for the family before Trump was elected as president of the States.
It is yet to be known if either of the two hotels will be branded with the Trump tagline, but the golf course at the resort will be the 17th to go to the organization’s collection. Dubai has a project of similar nature incorporated at Damac Hills named the Trump International Golf Course.
Since his four-year presidential term ended, the growth of the Trump Organisation has potentially crippled, especially after being toppled by multiple undergoing civil and criminal investigations, especially related to the Family finances. The organization stands on a pile of legal issues with impending trials in the State Supreme Court in Manhattan.
The Trump Organisation is looking forward to the commencement of the deal, stating it as an honour to share the drive for superior quality and excellence as the project integrates luxury and top-notch hospitality.
Donald Trump has had close ties with the Saudi Government during his days of presidency, where the US sanctioned billions of dollars worth of weapon sales in addition to defending the Saudi government after certain negative issues. Trump’s son-in-law had bagged a $2 million investment from a fund administered by the Saudi crown prince Mohammed Bin Salman, just six months after his presidential term concluded.
The Aida project is to be constructed over the next decade, and the design blueprint is still underway. The financial details of the project have not been disclosed yet. The deal for the project was brought to light just before Donald Trump announced his re-run for the 2024 US Presidential Campaign on the eve of Tuesday.
Dar Al Arkan is a real estate powerhouse in Saudi owning about $8.5 billion in assets with multiple real estate projects around the world, mainly Dubai, China, and Bosnia. Notable executives working on the Oman project are Ziad El Chaar, CEO of Quara Holding, the conglomerate whose subsidiary is Dar Al Arkan.
As investigations into the Trump company pile up concerning tax frauds, the company has put off expansionary plans and has decided to stick to its existing properties along with its few hotels and commercial properties. If the company stands convicted, it shall face tremendous fines and blowouts from lenders and might lose substantial business partners.
Dar Al Arkan reported a profit of SAR 79.4 million ($2.12 million) in the third quarter of 2022 last week. The real estate development company had revenue of SAR 742.5 million for this quarter and SAR 3.04 billion in the 9 months of this financial year. The company had previously communicated their interest to Tadawul, the Saudi Stock Exchange, in listing its Dubai business on an international stock exchange.
1 US Dollar= 3.76 Saudi Riyal