Saudi Arabia’s real estate sector is set to expand significantly with the announcement of two luxury developments branded by the Trump Organization. CEO Ziad El Chaar of Dar Global revealed that the projects will be based in Riyadh and Jeddah, collectively valued at $10 billion.
In Riyadh, the developments include the Trump National Golf Course and the Trump International Hotel, situated in Diriyah, an extensive project located on the western outskirts of the capital. In Jeddah, the effort will yield mixed-use offices and residential spaces in a development named Trump Plaza.
This initiative reflects the ongoing collaboration between Dar Global, part of the Saudi developer Dar Al Arkan, and the Trump Organization. Eric Trump, the son of former President Trump and executive vice president of the Trump Organization, noted that these projects align with Saudi Arabia’s Vision 2030, which aims to diversify the nation’s economy away from oil dependency. As part of this strategy, Saudi Arabia plans to permit property ownership for foreigners in designated areas starting this month.
Projected for completion within the next four to five years, these projects are poised to attract significant foreign investment, reinforcing Saudi Arabia’s commitment to modernize its economy.
Why this story matters: These developments signify a continued global shift towards luxury real estate investments in emerging markets.
Key takeaway: The partnership embodies Saudi Arabia’s efforts to diversify its economy while capitalizing on international branding to attract investments.
Opposing viewpoint: Critics may argue that luxury projects do not address the broader economic needs of Saudi citizens and could further exacerbate wealth inequality.
