Trump Organization Expands in Saudi Arabia Amid Global Projects and Setbacks

The Trump Organization advances its real estate empire in Saudi Arabia with a $63 billion Diriyah project, while withdrawing from Belgrade. Discover the company’s global development plans and key assets

The Trump Organization is pursuing major international expansion, with its latest project focused on Saudi Arabia. The deal, managed by the sovereign fund of Crown Prince Mohammed bin Salman, is valued at $63 billion and aims to develop the historic city of Diriyah into a luxury tourist destination featuring hotels, commercial centres, and office spaces.

However, the company recently faced a setback with the cancellation of a $500 million hotel in Belgrade. Jared Kushner, Donald Trump’s son-in-law, withdrew from the project following an investigation into Serbian President Aleksandar Vucic, a personal friend of Trump, and several public protests.

The Trump Organization, managed by Eric and Donald Jr., oversees a vast portfolio of hotels, office buildings, golf courses, casinos, and licensed properties carrying the Trump name. The real estate division, historically the most profitable segment, is valued between $1 billion and $2.6 billion, despite independent analyses suggesting the company inflates property values.

In recent years, the company’s cryptocurrency ventures have surpassed real estate earnings, generating billions in revenue. Key assets include iconic New York properties like Trump Tower, where Trump announced his 2015 Republican primary bid, and 40 Wall Street. Other holdings include golf resorts such as Mar-a-Lago and Doral in Florida, as well as international properties acquired during Trump’s presidency. The Trump Tower penthouse, valued at $95 million by Forbes, served as Trump’s primary residence before his move to Florida.

According to the progressive nonprofit Citizens for Responsibility and Ethics in Washington, the Trump Organization is planning 23 branded projects worldwide during Trump’s second term, in countries including Oman, Saudi Arabia, the UAE, India, Vietnam, Uruguay, Qatar, Romania, and the Maldives. Some developments will require local partnerships and government permits. Notably, the Maldives project is set to be the world’s first “tokenized hotel,” with investments made via cryptocurrency. Following the opening of the Trump Hotel in Jeddah on the Red Sea, the company will partner again with builder Dar Global on a $1 billion Saudi Arabian development.

Since his first presidency, Trump has faced criticism over potential conflicts between his private business interests and his official role. While U.S. law does not explicitly prohibit presidential conflicts of interest, the Emoluments Clauses bar federal officials from being influenced by gifts, contracts, or payments from foreign governments. Trump’s acceptance of a $400 million presidential jet from Qatar has sparked recent debate among analysts and constitutional experts. The White House has defended Trump, emphasising that his sons manage the company independently.

Donald Trump began his career in the family real estate business founded by his father, Fred Trump, focused on residential developments in Brooklyn, Queens, and surrounding areas. After two years at Fordham College, he transferred to the Wharton School of the University of Pennsylvania, graduating in 1968. In the 1970s, Trump assumed a progressively operational role within the company, shifting focus to high-visibility Manhattan projects, with his father providing financial backing and guidance.

Trump’s first major Manhattan project came in the mid-1970s with the renovation of the Commodore Hotel near Grand Central. Negotiating a complex agreement with the City of New York, Trump secured decades-long tax incentives in exchange for reviving the property, working alongside the Hyatt hotel chain. The hotel reopened in 1980 as the Grand Hyatt, marking Trump’s official entry into Manhattan real estate. The project exemplified his approach: ambitious renovations, high visibility, and media impact, underpinned by his father’s financial and political support, even as Trump increasingly cultivated his personal brand.

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(Photo: © AndKronos)