Dar Global launches Trump Tower in Jeddah

2 July 2024

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Saudi Arabia-headquartered real estate developer Dar Global and US-based development firm the Trump Organisation have announced plans to develop the Trump Tower in Jeddah, Saudi Arabia.

The project is the first venture in Saudi Arabia for the Trump Organisation.

No further details about the budget and timeline have been disclosed.

According to the official statement, Dar Global currently has $5.9bn-worth of projects under development in six countries: the UAE, Oman, Qatar, the UK, Spain and Bosnia.

The announcement follows a collaboration between the two developers in Oman for the development of the Trump International resort, golf club and residences at the Aida project in the sultanate.

The estimated $500m development includes a 140-key five-star hotel, villas, serviced apartments, an 18-hole championship golf course and a nightclub.

The development is scheduled to open by the end of 2028.

GlobalData expects the construction industry in Saudi Arabia to expand by 4.6% in real terms in 2024, supported by public and private investment in the development of transportation, energy, tourism and housing projects.

GlobalData expects the residential sector to grow by 4.2% in real terms in 2024, before growing at an annual average growth rate of 5.9% during 2025-28, supported by government initiatives to provide affordable housing as part of Riyadh’s aim to increase homeownership from 62% in 2020 to 70% by 2030.

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Yasir Iqbal
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