The Trump Organization plans to expand its projects in Saudi Arabia, building on its growing ties with the region.
On Wednesday, the company announced a 2 billion Saudi riyals ($533 million) residential project in Jeddah in partnership with Dar Global, a London-listed company. Two additional projects are also planned in Riyadh, according to the company’s executive vice president.
The cost and timeline for the Riyadh projects haven’t been disclosed yet. However, the Trump Tower Jeddah will feature around 500 units and is expected to be completed by 2029. The average price per unit at the 47-story tower is 4 million riyals.
Saudi Arabia’s real estate market is booming. Eric Trump shared, “The market is thriving, and Saudi Arabia is a pro-growth country. Their vision is incredible, and anyone who visits can see how it’s setting a new global standard.”
This aligns with Saudi Arabia’s Vision 2030 initiative, aimed at reducing the economy’s dependence on oil. Under this plan, the kingdom is focusing on massive real estate developments, including the futuristic Neom city with a $500 billion investment.
The government is also working to increase homeownership to 70% by 2030 under the Sakani program, which helps Saudi citizens buy their first homes. Alongside this, multinational companies are being encouraged to establish their regional offices in Saudi Arabia, boosting demand for residential and commercial properties.
Trump Organization’s Projects in the Region
The Trump Organization is already active in the Middle East. It is collaborating with Dar Global to develop projects in Dubai and Oman. In Dubai, it has partnered with Damac to build golf-related developments in the Akoya project. In Oman, the partnership includes a resort with residential villas, a hotel, and a golf course.
Eric Trump emphasized the company’s strong ties with the region. “The Middle East has always loved our family and our projects. When we first entered Dubai, many doubted the potential of the market. But our golf course there is now one of the most successful ventures in the region and globally.”
The Jeddah project will be marketed to both international and local buyers, according to Ziad El Chaar, CEO of Dar Global. “Saudi Arabia has major global events like Expo 2030 and the World Cup 2034 coming up, which are attracting significant international interest. We’ve showcased the Jeddah project to brokers in 60 cities worldwide, and there’s been a huge response from both local and international investors,” he said.
Real Estate Market Growth in Saudi Arabia
The demand for housing in cities like Riyadh and Jeddah continues to rise. Residential prices increased by 10% in Riyadh and 5% in Jeddah during the first half of this year, according to a report by JLL. Rents have also gone up, with year-on-year growth of 9% in Riyadh and 4% in Jeddah.
S&P Global Ratings predicts that demand will remain strong in these cities due to a robust population growth rate of 3.3% from 2024 to 2027, driven in part by an inflow of expatriates.
