Trump’s business expands in booming Gulf property market with $1bn Red Sea project

{"text":[[{"start":null,"text":"

"}],[{"start":12.25,"text":"Donald Trump’s family business is expanding in the Gulf region’s fast-growing real estate sector, agreeing a deal with a Saudi developer for a $1bn development project in Saudi Arabia’s biggest coastal city Jeddah."}],[{"start":26.59,"text":"The project, the Trump Organization’s second planned tower in Jeddah, will include offices, high-end apartments and town houses. In a nod to the US president’s New York real estate background, it will form part of a larger scheme dubbed “Manhattan” featuring a Central Park-inspired park."}],[{"start":45.69,"text":"The planned Trump Plaza with Dar Global follows Trump’s visit to Saudi Arabia and its neighbours in May in the first planned foreign trip of his second term. It resulted in trillions of dollars in investments and business deals for US companies — from defence to artificial intelligence."}],[{"start":65.62,"text":"The Trump Organization has also licensed its name to Dar Global for projects in Dubai, Oman and Qatar, and has announced plans in Riyadh. The collaborations range from Trump-emblazoned golf courses and hotels to skyscrapers, with the Trump Organization collecting fees for the use of its brand and for managing some properties. The financial risk of buying and developing the land is borne by Dar Global."}],[{"start":93.36,"text":"Some cities in the region, including Riyadh and Dubai, have seen property prices soar in recent years, attracting increased interest from foreign investors."}],[{"start":103.99,"text":"The Trump Organization, managed by Trump’s son Eric, has increased activities in the Gulf following last year’s election, raising concern that the president’s family is using ties with Gulf leaders to benefit financially while he’s in office. But Trump’s holdings are held in trust until he leaves office."}],[{"start":123.97,"text":"Eric Trump said he was “honoured” to launch a new development in Saudi Arabia. “Together with Dar Global, we are creating a destination which will set a new benchmark,” he said."}],[{"start":136.46,"text":"The latest Trump family deal in Saudi Arabia comes as his administration is struggling to achieve one of its key foreign policy objectives — convincing the kingdom to normalise diplomatic ties with Israel. Saudi Arabia has condemned Israel’s war in Gaza and said it would not normalise relations without the establishment of a Palestinian state."}],[{"start":159.79000000000002,"text":"The new project in Jeddah will be built on a 1mn square metre piece of land that Saudi-listed Dar Al Arkan, Dar Global’s parent company, bought with other partners this year in a $1.19bn deal. That was a record-breaking land transaction for the city. Dar Global launched a $533mn Trump Tower in Jeddah last December."}],[{"start":184.48000000000002,"text":"Dar Global chief executive Ziad El Chaar called Trump Plaza in Jeddah “one of the most ambitious developments” the company has yet attempted."}],[{"start":193.96,"text":"“This is truly a once-in-a-lifetime development opportunity,” Dar Al Arkan chair Yousef al-Shelash said in a statement."}],[{"start":212.24,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1759186659_1053.mp3"}