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Sunday, Feb 05, 2023

Saudi Arabia's Dar Al Arkan signs deal with Trump family for Oman project

Saudi Arabia's Dar Al Arkan signs deal with Trump family for Oman project

Saudi Arabian real estate developer Dar Al Arkan said it signed an agreement with former U.S. President Donald Trump's company to use the Trump Brand for its $4 billion project in the Gulf state of Oman that includes a golf course, hotel and villas.
The regulatory statement issued on Sunday did not disclose the financial terms of the agreement with the Trump Organization, which manages hotels, golf courses and other real estate around the world.

The Aida project, a joint venture with Oman Tourism Development Company, will include Trump residential villas, a hotel and a golf course built near Muscat and would take over a decade to complete, the Dar Al Arkan filing said.

Trump had handed control of the business to his sons while in office.

He enjoyed close ties with Gulf states during his tenure as president, including Saudi Arabia which has invested $2 billion with a firm of Jared Kushner, Trump's son-in-law and former aide, incorporated after Trump left office.

The Trump Organization has two golf properties in Dubai in the United Arab Emirates, the Middle East's financial and tourism hub, in partnership with property developer Damac.

Trump, who has mounted relentless attacks on the integrity of U.S. voting since his 2020 election defeat, launched a bid on Nov. 15 to regain the presidency in 2024.

($1 = 3.7580 riyals)
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