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Monday, 22 July 2024
Read full issueREAL ESTATE
Dubai’s getting its very own Trump Tower: Saudi builder Dar Global and The Trump Organization have partnered up to develop Trump Tower Dubai, according to a press release. The new development will include a luxury hotel and Trump-branded residential units, with details on location and design expected by the end of the year. Financial details were not disclosed.
This is not the Trump Organization's first foray into Dubai: It currently operates a golf course in Dubai in partnership with real estate developer Damac.
This is the Trump Organization’s third venture in the region with Dar Global. Earlier this month, they announced a Trump Tower in Jeddah and unveiled a USD 500 mn Trump International Hotel project in Oman.
ICYMI-The Trump Organization is seeking more real estate in the region, Donald Trump’s son Eric told the Financial Times earlier. “This region has explosive growth, and that’s not stopping anytime soon.”
It’s also one of many luxury-branded tower projects planned in the emirate: Mercedez and Binghatti are set to complete a USD 1 bn tower in 2026, while Mered is developing the world’s tallest apartment building in partnership with Pininfarina. Arada is also developing an Armani-branded residence, while the Bulgari Lighthouse — which saw the sale of the most expensive apartment for AED 410 mn — is also set for completion in 2027.