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Dar Global plans two Trump-branded projects in Riyadh

By Neil Halligan
President-elect Donald Trump has lent his name to a range of Dar Global projects Reuters
President-elect Donald Trump has lent his name to a range of Dar Global projects
  • ‘Landmark’ developments planned
  • Targeting luxury Saudi market
  • Other projects in Oman and Dubai

Real estate developer Dar Global has signed an agreement with The Trump Organization to build two “landmark projects” in Riyadh. 

No details were provided on the Trump-branded projects, which are set to be the fourth and fifth collaborations between the two companies. 

Dar Global, the international arm of Saudi-listed developer Dar Al Arkan,said the projects would “target the luxury Saudi Arabian market and international investors”. 

Ziad El Chaar, CEO of Dar Global, said the deal would strengthen the company’s presence “in this high-growth market”.

Further project details are set to be unveiled at this week’s launch of Trump Tower Jeddah.

Dar Global partnered with The Trump Organization in 2022 to use the president-elect’s name for its $4 billion master development in Muscat.

The Aida project, a joint venture with Oman Tourism Development Company, will include Trump-branded villas, a resort and a golf course.

In July, the companies announced plans to build a Trump Tower in Dubai, again with no details on the exact location or construction timeline. Dar Global said it would reveal more information before the end of this year.

The Trump Organization previously announced plans in 2005 to build a Trump Tower on the Palm in Dubai with developer Nakheel, but this was cancelled in 2011 following the global credit crunch. 

It operates the Middle East’s only Trump-branded golf course in Dubai, in partnership with Damac Properties. 

A second golf course, Trump World Golf Club at Akoya Oxygen, which was designed by Tiger Woods, was announced but has been delayed from its planned opening. 

The Trump website lists it as “opening soon”, several years after it was scheduled to open. AGBI has contacted Damac for comment. 

London-listed Dar Global has $7.5 billion worth of projects under development in six countries: the UAE, Oman, Qatar, the UK, Spain and Saudi Arabia. 

In September, Dar Global reported losses of nearly $13 million between January and June, compared with a profit of $21 million a year previously.

Revenue declined to $44.5 million during the period from $108.4 million a year earlier.

“Revenue and profitability for the first half of this year were subdued as some of our early-stage developments approach revenue recognition milestones,” El Chaar said in September, without giving details.

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