The organization continues to strengthen its ties to the region, with plans to develop several projects at once. The Trump Organization, owned by Donald Trump, has unveiled a SR2 billion ($533 million) residential project in Jeddah in partnership with London-based Dar Global.
It also plans to launch two more projects in Riyadh, its executive vice president Eric Trump, the son of the US president-elect, told reporters.
The company has not announced the total cost of the Riyadh projects or a timeline for their completion. However, it is known that Trump Tower Jeddah will consist of approximately 500 units and is expected to be completed by 2029. The average price per unit in the 47-story residential skyscraper will be SR4 million ($1.1 million).
Residential property prices and rents continue to rise in Saudi Arabia. In the first half of this year, residential property prices in Riyadh and Jeddah rose 10% and 5% year-on-year, respectively, S&P Global Ratings recently reported, citing a report from JLL. Rental yields also remained strong, with year-on-year growth of 9% in Riyadh and 4% in Jeddah.