(Bloomberg) -- The Trump Organization and luxury developer Dar Global Plc plan to build two new luxury projects in Saudi Arabia in a bid to capitalize on the kingdom’s rapidly growing real estate market.
The developments will be based in the capital city of Riyadh, the companies said in a statement on Monday, without giving details on the projects or expected timelines. Trump and London-listed Dar Global are working together on several projects in the Middle East and are set to formally launch another Trump Tower this week in Jeddah, Saudi Arabia’s second largest city.
The partnership between the Trump family and Dar Global has deepened over the last decade, with Dar’s Chief Executive Officer Ziad El Chaar at the heart of the collaboration. The two firms are also working on developments in Oman and Dubai.
Saudi Arabia may be the newest lucrative opportunity for the Trump Organization as the Gulf nation rapidly builds luxury resorts and new homes as part of Crown Prince Mohammed bin Salman’s economic transformation agenda, known as Vision 2030. Some $1.3 trillion in real estate and infrastructure projects have been announced across the kingdom over the past eight years as part of those plans.
“These developments will redefine luxury living in Saudi Arabia’s capital and strengthen our presence in this high-growth market,” El Chaar said in Monday’s statement.
Dar Global is the international arm of Saudi developer Dar Al Arkan Real Estate Development Co., which is publicly listed on Riyadh’s stock exchange. The Saudi firm’s shares are up almost 6% so far this year versus gains of less than 1% for the Saudi Tadawul benchmark.
There are currently about $7.5 billion of Dar Global projects under development in six countries including the UAE, Qatar, Saudi Arabia and the UK, according to the statement.
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