Photo: Alamy
The Trump Organization has officially launched its 5th project, an ultra-luxurious building in the heart of Jeddah.
Eric Trump, the executive vice president of the Trump Organization, officially announced the launch of the company’s project in Saudi Arabia. Trump wrote in a statement on X, “Incredibly proud to officially launch a project that has been underway for many months, Trump Tower – Jeddah.” He also explained in his post that this would be the organization’s fifth project working with London-based real estate firm Dar Global.
This state-of-the-art, sleek, 47-floor, and 500-unit building in Jeddah is part of a massive real estate expansion in the region. While no official numbers have been released, news outlet USA Today reported that Dar Gloabl’s chief executive estimated that the glittering gold Jeddah building would cost around $530 million. It is estimated that the building will likely be finished by 2029.
In addition to the Jeddah project, Trump was very excited to reveal the plans for future projects as his father, President Trump, continues to foster closer ties with the Gulf states. According to The National, Trump explained, “ The vision of Saudi Arabia, it’s incredible and I encourage people to see it. Once they see it, really opens their eyes to a whole new frontier …. the vision has been among the best anywhere in the world.”
Just two days before this announcement, Trump revealed plans to lease the brand to two new real estate projects in the Saudi capital, Riyadh, with Dar Global. In a statement reported by AP News, Trump said “Following the remarkable success of Trump International Oman, as well as our most recent ventures in Dubai and Jeddah, we are thrilled to announce two additional projects in Riyadh.”
The Trump Organization’s expansion into the Middle East could not come at a better time as Saudi Arabia continues to accomplish its 2030 Vision for creating a vibrant society. The National reported that the real estate industry continues to see positive growth and that residential sales prices in Riyadh and Jeddah rose by ten and five percent annually.
