Khaberni - Dar Global, a Saudi real estate development company, is launching two new luxury projects carrying the Trump brand in Riyadh and Jeddah, with a total value of $10 billion.
Ziyad Al-Shaar, CEO of Dar Global for Saudi real estate development, said today, Sunday, to "Reuters" that the projects include the Trump National Golf Course and the Trump International Hotel in Diriyah, Riyadh, which are massive projects on the western outskirts of the Saudi capital.
Al-Shaar stated that there are plans to create a mixed-use complex in Jeddah that includes offices and residential units within a project named (Trump Plaza).
He explained that such projects are in line with Saudi Vision 2030, which aims to diversify the economy away from oil to attract direct foreign investment.
Saudi Arabia also plans to allow foreigners to own properties for the first time in specific areas starting from this month.
Eric Trump, the son of U.S. President Donald Trump and the executive vice president of the Trump Organization, said that the projects are expected to be completed within the next four or five years.
He noted that they are part of a series of partnerships between the Trump Organization and Dar Global, the international arm of Saudi real estate development company Dar Al-Arkan.
