The Trump Organization has signed a deal for a “mixed-use community” in the Saudi coastal city of Jeddah, its development partner Dar Global said Monday, valuing the project at $1 billion.
Trump Plaza, which will have residences and office spaces, with a “Central Park-inspired green spine”, follows the announcement last year of Trump Tower Jeddah, also being built by Dar Global.
The project comes after US President Donald Trump made a Gulf tour in May and signed a “strategic economic partnership” with Crown Prince Mohammed bin Salman that the White House said would see $600 billion of Saudi investments in the United States.
It is the latest of several property deals across the oil-rich Gulf by the Trump Organization, which is managed by Trump’s sons, though the president has held onto his shares in the company.
“This project embodies our vision of excellence by blending world-class hospitality, modern living, and dynamic business environments,” Eric Trump said in a statement.
Dar Global is also developing a Trump International Hotel and luxury villas in the capital of neighbouring Oman, with completion expected in 2028, according to the firm’s website.
Trump has cultivated close ties with Riyadh, choosing the Gulf kingdom for his first foreign trip during his first term as president.
He has also defended Crown Prince Mohammed bin Salman despite US intelligence agencies concluding he ordered the brutal killing of US-based Saudi critic Jamal Khashoggi in 2018.
His son-in-law Jared Kushner later started a private equity firm that received a reported $2 billion from a fund controlled by Prince Mohammed.
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© Agence France-Presse
