Dar Global, Trump Organization launch $10B Saudi developments

Saudi real estate developer Dar Global will launch two Trump-branded luxury projects in Riyadh and Jeddah with a combined value of $10 billion, CEO Ziad El Chaar said on Sunday, Report informs via Reuters.

The projects include the Trump National Golf Course and Trump International Hotel in Riyadh's Diriyah, a massive development project on the Saudi capital's western edge, Chaar told Reuters.

In Jeddah, mixed-use offices and residential property are planned in a development named Trump Plaza, Chaar added.

The projects are in line with Saudi Arabia's Vision 2030 to diversify the economy away from oil, Chaar said, with the aim of attracting direct foreign investment.

Saudi Arabia also plans to allow foreigners to own property for the first time in designated areas, starting this month.

The latest in a series of partnerships between the Trump Organization and Dar Global, the international arm of Saudi developer Dar Al Arkan, is expected to be completed over the next four to five years, said Eric Trump, US President Donald Trump's son and executive vice president of the Trump Organization.