Dar Global, a Saudi real estate developer, has announced plans for a new $1 billion Trump Plaza project in Jeddah, a major port city on the Red Sea. This development will include a mix of offices, luxury residences, serviced apartments, and townhouses. The project marks a significant expansion of the Trump family's business ventures in the Gulf region.
The new Trump Plaza is part of a larger development known as the "Manhattan" master plan. This master plan is designed to feature a large park, inspired by New York City's Central Park. This initiative follows recent visits by Donald Trump to Saudi Arabia and neighboring countries, which included discussions about significant investments and business partnerships.
Key Takeaways
- Dar Global is developing a $1 billion Trump Plaza in Jeddah.
- The project includes offices, residences, and townhouses.
- It is part of a larger "Manhattan" master plan with a Central Park-inspired area.
- This expands the Trump Organization's presence in the Gulf.
- The land for the project was acquired in a record-breaking $1.19 billion deal.
New Development in Jeddah's Manhattan Master Plan
The Trump Plaza project will be a central component of Jeddah's ambitious "Manhattan" master plan. This larger scheme aims to create a vibrant urban district in the Red Sea port city. The master plan will feature a range of modern amenities and green spaces.
According to Dar Global, the Trump Plaza will offer a variety of property types. These include commercial office spaces, high-end residential units, and fully serviced apartments. Townhouses are also part of the planned offerings, catering to different market segments.
The inclusion of a Central Park-inspired green area within the "Manhattan" master plan highlights the project's focus on luxury and lifestyle. Developers aim to create a desirable living and working environment, attracting both local and international investors.
Project Facts
- Total Investment: $1 billion
- Location: Jeddah, Saudi Arabia
- Components: Offices, premium residences, serviced apartments, townhouses
- Master Plan Name: "Manhattan"
- Key Feature: Central Park-inspired park
Trump Organization's Expanding Gulf Presence
The Trump Organization, now managed by Donald Trump's son, Eric Trump, has been actively increasing its presence in the Middle East. This Jeddah project is one of several ventures in the region. The organization is also involved in other developments with Dar Global in the United Arab Emirates and Oman.
Another notable agreement involves a license for Dar Global to use the Trump name for a branded golf club and luxury villas. These properties are located north of Doha, Qatar. This Qatari development is being led by the state-owned company Qatari Diar.
These developments align with a broader strategy to expand the Trump brand globally. The Gulf region, with its significant investment potential, has become a key focus area for these expansions.
"This is truly a once-in-a-lifetime development opportunity," stated Yousef al-Shelash, Chairman of Dar Al Arkan. His comments highlight the scale and importance of the Jeddah project for the company.
The Land Acquisition and Previous Projects
The land for the new Jeddah project covers an area of 1 million square meters. This substantial piece of land was acquired earlier this year by Saudi-listed Dar Al Arkan, the parent company of Dar Global, along with other partners. The transaction was valued at $1.19 billion, marking a record-breaking land deal for the city of Jeddah.
This is not Dar Global's first collaboration involving the Trump brand in Jeddah. In December of last year, the company launched the $533 million Trump Tower Jeddah. This previous project underscored the existing partnership and confidence in the brand's appeal in the Saudi market.
The significant investment in land acquisition demonstrates Dar Al Arkan's commitment to large-scale, high-value developments. These projects contribute to Jeddah's urban expansion and economic growth.
Background on Regional Engagements
The announcement of the Jeddah project follows Donald Trump's visit to Saudi Arabia and other Gulf nations in May. This trip marked his first foreign travel during his second term as president. Stops included Qatar and the United Arab Emirates.
During these visits, trillions of dollars in potential investments and business agreements were announced. These deals covered various sectors, from defense to artificial intelligence. Such high-level engagements often precede major commercial partnerships in the region.
Financial Ties and Political Discussion
The Trump Organization's increasing business activities in the Gulf have drawn attention from critics. Concerns have been raised regarding potential financial benefits to Donald Trump's family while he holds public office. These critics suggest that his connections with Gulf leaders could be leveraged for private gain.
The timing of these deals also coincides with a significant foreign policy objective for the Trump administration. This objective involves efforts to encourage Saudi Arabia to normalize diplomatic relations with Israel. However, progress on this front has faced challenges.
Saudi Arabia has publicly condemned the ongoing conflict in Gaza. The kingdom has stated that it will not normalize relations with Israel without the establishment of an independent Palestinian state. This stance adds complexity to regional diplomatic efforts.
Economic Impact and Future Outlook
The $1 billion Trump Plaza project is expected to have a notable economic impact on Jeddah. It will create numerous jobs during its construction phase. Once completed, the offices, residences, and commercial spaces will support a variety of businesses and services.
The development is also likely to attract further investment into Jeddah's real estate sector. High-profile projects often serve as catalysts for broader urban regeneration and economic development. The "Manhattan" master plan aims to elevate Jeddah's status as a global city.
Dar Global's strategy involves partnering with internationally recognized brands to enhance its property offerings. The use of the Trump brand aligns with this approach, aiming to attract a premium clientele and investors looking for luxury properties.
Regional Investment Overview
- Trump Organization: Partnering with Dar Global in UAE, Oman, and Saudi Arabia.
- Qatar Development: Branded golf club and luxury villas north of Doha, in partnership with Qatari Diar.
- Jeddah Land Cost: $1.19 billion for 1 million square meters.
- Previous Jeddah Project: $533 million Trump Tower Jeddah launched last December.
The expansion reflects the growing economic ties between Saudi Arabia and international business entities. Saudi Arabia's Vision 2030 plan aims to diversify its economy away from oil. Real estate and tourism are key components of this diversification strategy.
Projects like the Trump Plaza contribute to this vision by developing modern infrastructure and attracting foreign investment. They also aim to enhance the quality of life and business environment in major Saudi cities.
