London-listed Dar Global to launch Trump tower Dubai in 2025
The Trump Organization plans to develop a luxury tower in Dubai in partnership with a Saudi builder as it swiftly increases its presence in the Middle East. Dar Global will build Trump Tower Dubai, which will feature a luxury hotel and branded condos, according to a joint statement released on Thursday.
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They stated that the tower's location and design would be revealed later this year. The corporations did not reveal the financial terms of the transaction. The Dubai initiative marks the third collaboration between the two organizations in the last several months.
They agreed to develop a residential tower in Jeddah, Saudi Arabia, back in July. This comes after Trump unveiled a $200 million investment in Oman in March. Donald Trump already owns many developments in Dubai bearing his name, following a 2015 partnership with developer Damac Group.
His operations in the oil-rich Gulf region coincide with his re-election as the Republican Party's presidential contender.
During his presidency, Trump promised his businesses would not sign new partnerships in other countries, yet they continued to profit from licensing agreements in Turkey, the Philippines, and India. His administration formed tight ties with the United Arab Emirates (of which Dubai is a part) and Saudi Arabia, where his company evaluated projects prior to his election to the presidency.
A comparable project was canceled in 2011 due to the global credit crisis. The Trump-branded hotel and tower atop the man-made Palm Jumeirah, in collaboration with Dubai-based Nakheel Developments, was supposed to be his maiden venture into the Middle East.
