Real estate giant Dar Global said it plans to expand in the U.S. and Greece after the Dubai-based developer recently unveiled projects in partnership with the Trump Organization, Reuters reported earlier in the week.
The international arm of Saudi Arabia’s Dar Al Arkan Real Estate Development Company said in a statement it plans to invest in “key international cities” in the U.S. and unspecified locations in Greece.
It said it aims to partner with top-tier developers to create luxury residences, targeting both U.S. and international buyers. It did not provide further details.
Greece, Dar Global and the Trump Organization
Reuters reports that Dar Global has agreed on a number of deals with The Trump Organization, the company of U.S. President-elect Donald Trump. These include plans for Trump towers in Jeddah and Dubai, and a real estate project in Oman.
Trump Organization executive vice president Eric Trump last month told Reuters the firm was planning two more projects with Dar Global in Saudi Arabia, including a tower in Riyadh, and was planning further expansion in Abu Dhabi, in neighboring UAE.
Donald Trump fostered close ties with Gulf states during his first term as president, including Saudi Arabia, which has invested $2 billion in a firm belonging to his son-in-law and former aide Jared Kushner, incorporated after Trump left office in 2020. Other close Trump allies have also maintained close business ties in the Gulf since he left office in 2021, the news agency says.
The Trump Organization is a conglomerate of real estate businesses and holdings primarily owned by the President-elect and his family. It is involved in various sectors, including commercial and residential real estate, hospitality and entertainment. The organization operates a range of assets such as hotels, golf courses, office buildings, and residential properties.
Dar Global is a prominent real estate development and investment company that primarily operates in the Middle East and North Africa (MENA) region, with a focus on creating luxury residential and commercial properties. The company is part of the larger Dar Al Arkan group, one of the leading real estate developers in Saudi Arabia.
One of the most notable collaborations between Dar Global (through its parent company Dar Al Arkan) and the Trump Organization was the development of Trump Estates, a luxury residential project in Dubai. The project was part of the larger Trump World Golf Club development, which featured luxury villas and a championship golf course.
As part of the deal, the Trump Organization was involved in the design and branding of a golf course, which was central to the luxury residential development. The golf course was designed to offer an upscale living experience, with a focus on attracting international investors and residents.
This collaboration between Dar Global and the Trump Organization exemplified a partnership where Dar Global handled the real estate development and construction, while the Trump Organization provided branding and its expertise in high-end luxury real estate.