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Dar Global, the Dubai-based luxury property developer listed on the London Stock Exchange, has partnered with The Trump Organization to bring the Trump Tower to Jeddah skyline.
This project marks the second Trump collaboration following last week’s announcement of the Trump International Oman project within the AIDA development, a $500 million mixed-use real estate project.
The Saudi project also marks the debut of the company in Jeddah, which has largely operated internationally as the global arm of Saudi Arabia’s biggest developer Dar Al Arkan. According to Dar Global, the Trump development aims to target the luxury Saudi market and international investors.
Following its listing on the London Stock Exchange (LSE) last February, Dar Global currently has a portfolio pipeline valued at $5.9 billion, with nearly half of that allotted to projects in the GCC, according to its CEO Ziad El Chaar.
In an interview with Zawya last month, El Chaar spoke at length about the company’s plans to expand in the Saudi market. “Saudi is a market we are actively expanding into, where we will facilitate the international buyer who is looking to invest in the kingdom,” he said, while denying that it would cannibalise the market share of its parent company.
(Writing by Bindu Rai, editing by Daniel Luiz)
