{"id":85299,"date":"2024-07-01T16:55:28","date_gmt":"2024-07-01T16:55:28","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/07\/01\/trump-organization-signs-up-to-put-its-brand-on-a-new-saudi-tower\/"},"modified":"2024-07-01T16:55:28","modified_gmt":"2024-07-01T16:55:28","slug":"trump-organization-signs-up-to-put-its-brand-on-a-new-saudi-tower","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/07\/01\/trump-organization-signs-up-to-put-its-brand-on-a-new-saudi-tower\/","title":{"rendered":"Trump Organization Signs Up to Put Its Brand on a New Saudi Tower"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"1050\" height=\"550\" src=\"https:\/\/i0.wp.com\/static01.nyt.com\/images\/2024\/07\/01\/multimedia\/01dc-Trump-Saudi-qlbf\/01dc-Trump-Saudi-qlbf-facebookJumbo.jpg?fit=1050,550&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Trump Organization Signs Up to Put Its Brand on a New Saudi Tower\" title=\"Trump Organization Signs Up to Put Its Brand on a New Saudi Tower\" \/><\/div><p> <br \/>\n<\/p>\n<div>\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The Trump Organization has signed a new deal with a Saudi real estate company to build a residential high-rise tower in the city of Jeddah, extending the family\u2019s close ties with the kingdom.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Saudi Arabia has become one of the few reliable sources of growth for the Trump family\u2019s business operations, as new real estate deals in the United States have slowed or stopped since the Jan. 6, 2021, assault on the Capitol and since former President Donald J. Trump left the White House.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">This new deal is like other international projects the Trump family has signed over the past decade. It offers the family\u2019s name and brand to a well-financed developer that will build the project and sell luxury resident units, it hopes at a premium, based on the marketability of the former president\u2019s perceived star power. Other projects include a <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2023\/06\/20\/us\/politics\/trump-real-estate-deal-oman.html\" title=\"\">resort complex in Oman<\/a> and <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/04\/04\/us\/politics\/trump-golf-saudi-arabia.html\" title=\"\">Saudi-backed golf tournaments<\/a> at Trump courses in recent years.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cWe are delighted to strengthen our ongoing relationship with the Trump Organization and expand our portfolio by delivering premium properties to redefine Saudi Arabia\u2019s high-growth real estate market,\u201d Ziad El Chaar, the chief executive of the real estate firm, Dar Global, said in a statement Monday.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div>\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The target market, Mr. El Chaar said, will be international investors and vacationers looking to buy real estate in Jeddah.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Dar Global, based in London, is a subsidiary of Dar Al Arkan, one of the largest private real estate companies in Saudi Arabia, with a growing portfolio of projects in luxury markets around the world. The company typically teams up with well-known brands such as Dolce &amp; Gabbana and Lamborghini as part of its pitch to deep-pocketed buyers.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Before Mr. Trump was elected president in 2016, his organization had planned to build a tower in the Middle East, but the deal was shelved, along with other development plans after Mr. Trump was elected and his family promised not to sign new international deals while he was in the White House.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">These branding deals have become a major source of new income for the Trump family, as the Trump Organization is typically paid several million dollars upon the signing of the deals and then gets a cut of the sales of luxury apartments or condos.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div>\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cWe are thrilled to expand our footprint in the Middle East,\u201d Eric Trump said in a statement Monday.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div>\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The project in Oman includes a Trump-branded golf course and hotel as well as Trump villas, in a development that Dar Global is building on land owned by the government of Oman on a cliff overlooking the Gulf of Oman. That one deal alone earned the Trump family <a class=\"css-yywogo\" href=\"https:\/\/int.nyt.com\/data\/documenttools\/2023-4-trump-financial-disclosure\/6acf31d6716dfdb6\/full.pdf#page=6\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">at least $5 million<\/a>, even before the construction started last year, financial disclosure documents show.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Last year, a team of sales agents invoked Mr. Trump\u2019s name to help sell luxury villas at prices of up to $13 million, mostly targeting superrich buyers from around the world, <a class=\"css-yywogo\" href=\"https:\/\/aida-oman.ae\/ru\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">including from Russia<\/a>, Iran and India.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Another major source of new revenue for the Trump family has been LIV Golf, the professional league backed by the Saudi sovereign wealth fund. The fund paid the Trump family to host one of its tournaments at the Trump National Doral near Miami <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/04\/04\/us\/politics\/trump-golf-saudi-arabia.html\" title=\"\">earlier this year<\/a>.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump\u2019s two oldest sons \u2014 Eric and Don Jr. \u2014 had expressed frustration at the previous promise to do no new international deals, and it is unclear if they will continue to seek them if Mr. Trump returns to the White House.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div>\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The Saudi sovereign wealth fund is also <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/04\/09\/us\/politics\/jared-kushner-affinity-partners.html\" title=\"\">the primary investor<\/a> in the investment firm that Jared Kushner, Mr. Trump\u2019s son-in-law, set up after he left his post as a White House adviser to Mr. Trump.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">These deals have raised allegations of conflicts of interest, particularly the deals directly involving foreign government entities, as the foreign players may be offering the Trump family special terms in exchange for potential favored treatment from Mr. Trump if he is back in power.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cIf he were to become president again, this would be a profound conflict of interest,\u201d said Robert Weissman, the president of Public Citizen, which has tracked the Trump family\u2019s business deals when he was in office.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">While Dar Al Arkan is technically a private company, traded on the Saudi stock exchange, it relies in part on Saudi government contracts to sustain its business.<\/p>\n<p class=\"css-798hid etfikam0\">Vivian Nereim<!-- --> contributed reporting.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.nytimes.com\/2024\/07\/01\/us\/politics\/trump-organization-saudi-arabia-tower.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Trump Organization has signed a new deal with a Saudi real estate company to build a residential high-rise tower in the city of Jeddah, extending the family\u2019s close ties with the kingdom. Saudi Arabia has become one of the few reliable sources of growth for the Trump family\u2019s business operations, as new real estate [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":85300,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/static01.nyt.com\/images\/2024\/07\/01\/multimedia\/01dc-Trump-Saudi-qlbf\/01dc-Trump-Saudi-qlbf-facebookJumbo.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[2815,46613,1293,8576,8438,4096,52],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/85299"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=85299"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/85299\/revisions"}],"predecessor-version":[{"id":85301,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/85299\/revisions\/85301"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/85300"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=85299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=85299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=85299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}