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

Stock Markets Nov 20, 2022 02:55AM ET
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© Reuters. FILE PHOTO: A woman wearing a protective face mask walks by 40 Wall Street, also known as the Trump Building, in New York City, U.S., October 24, 2022. REUTERS/Shannon Stapleton

By Hadeel Al Sayegh

DUBAI (Reuters) - 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)

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

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Comments (4)
Brad Albright
Brad Albright Nov 20, 2022 5:01PM ET
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International conflicts of interest right before our eyes, but let's ignore and speculate about the meaning of "the big guy."
Peter Andersen
Peter Andersen Nov 20, 2022 1:25PM ET
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Trump is running for president so he can make more money and business it’s insane who want this to happen not a normal American i hope
John Laurens
John Laurens Nov 20, 2022 7:25AM ET
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That’s cool!
Maximus Maximus
Maximus Maximus Nov 20, 2022 6:18AM ET
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the corrupt trump crime family at it again
 
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