Skyscrapers on the city skyline in Dubai, United Arab Emirates. Photo: Bloomberg
The Trump organisation is planning to launch a luxury tower in Dubai in partnership with a Saudi builder, as it rapidly expands its presence in the Middle East.
Trump Tower Dubai will include a luxury hotel and branded residences and will be built by Dar Global, the two companies said in a joint statement on Thursday. The location and design of the tower will be unveiled later this year, they said.
The companies didn’t disclose financial details of the deal.
The Dubai project is the third collaboration between the two companies in just the past few months. They agreed to build a residential tower in Jeddah, Saudi Arabia, earlier in July. That followed a $200 million (R3.6 billion), the Trump-branded project in Oman announced in March.
Donald Trump already has several developments bearing his name in Dubai after a tie-up with developer Damac Group in 2015. His projects across the oil-rich Gulf region come as he once again became the Republican Party’s presidential nominee.
During his presidency, Trump pledged his businesses wouldn’t sign new deals in foreign countries, but it continued to collect income from licensing arrangements in Turkey, the Philippines, and India.
His administration developed close ties in the United Arab Emirates – of which Dubai is a part – and Saudi Arabia, where his company considered projects before his ascent to the presidency.
A similar project was cancelled in 2011 following the global credit crisis. The Trump-branded hotel and tower on the man-made Palm Jumeirah, in partnership with Dubai-based Nakheel Developments, was set to be his first foray into the Middle East.
BLOOMBERG