DUBAI, United Arab Emirates (AP) — Dar Global, a London-listed luxury real estate developer, said on Monday that it plans to launch a Trump Plaza in the Saudi Red Sea city of Jeddah in the second collaboration with the Trump Organization, following the success of Trump Tower Jeddah. The announcement by the company, which is […]
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Dar Global to launch a $1 billion project in Saudi Arabia in a deal with Trump Organization
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DUBAI, United Arab Emirates (AP) — Dar Global, a London-listed luxury real estate developer, said on Monday that it plans to launch a Trump Plaza in the Saudi Red Sea city of Jeddah in the second collaboration with the Trump Organization, following the success of Trump Tower Jeddah.
The announcement by the company, which is listed on the London Stock Exchange, said the $1 billion landmark development is to rise along King Abdulaziz Road in the heart of the city.
Dar Global said the project will have a Central Park-inspired green spine as an anchor, “bringing Manhattan-style vibrancy” to Jeddah.
It is the second collaboration in the coastal Saudi city with The Trump Organization and Dar Global said Trump Plaza Jeddah will represent the second Trump-branded development in Saudi Arabia, following the launch of Trump Tower Jeddah in December last year.
Trump’s company struck many real estate licensing deals overseas before he entered the White House in 2017, including for hotels and residential towers in Canada, Dubai, Mexico, India and Turkey.
Trump’s close ties to Saudi Arabia’s crown prince and day-to-day ruler, Mohammed bin Salman, drew heavy criticism after the 2018 killing of Jamal Khashoggi, a Saudi columnist for the Washington Post who had written critically about the monarchy.
Dar Global is the international arm of Dar Al Arkan, a large Saudi developer. It says it has $7.5 billion worth of projects under development in the United Arab Emirates, Oman, Qatar, the United Kingdom, Spain and Saudi Arabia.
Dar Global said Trump Plaza Jeddah will transform the city’s skyline into a world-class community that will include premium residences, serviced apartments, Grade-A office space, and exclusive townhouses.
Designed to redefine urban living in Saudi Arabia, the development will integrate living, working, and leisure into one seamless destination, the statement said.
“This project embodies our vision of excellence by blending world-class hospitality, modern living, and dynamic business environments,” Dar Global’s statement quoted Eric Trump, Executive Vice President of The Trump Organization, as saying.
“Together with Dar Global, we are creating a destination that will set a new benchmark for prestige and innovation in the kingdom,” he said.