The Trump Organization signed an agreement to license its brand to a housing and golf complex set to be built in Oman by a Saudi Arabian developer, according to the New York Times.
The $1.6 billion project, known as Aida, will be developed by Dar Al Arkan. In addition to the golf course, the development will include an estimated 3,500 residential units, 450 hotel rooms and luxury destinations. The financial terms of the deal with the Middle East developer were not disclosed.
Dar Al Arkan is well known for its several luxury developments, such as the 384-unit W Residences Downtown in Dubai and Le Vagues by Elie Saab in Qatar. The developer also recently completed the world’s tallest 3D-printed building – a three-story villa in Shams Al Riyadh, northwest of Riyadh, Saudi Arabia.
The licensing deal is the first international marketing agreement the Trump Organization has negotiated since the end of Donald Trump’s presidential term.
Similar licensing deals were a major source of revenue for the Trump Organization before Trump’s presidency, but the family agreed not to sign any new international deals while Trump was in office.
News of Trump’s latest deal came just one day before he announced his 2024 presidential bid and will likely stir up concerns over a conflict between his business and political interests.
“The Trump corruption complex is back in business,” Robert Weissman, president of Public Citizen, told the Times regarding the company’s deal for the Oman property.
The Trump family’s business ties to the Saudi Arabian government have already been a source of controversy, such as when Trump authorized billions of dollars in weapon sales to the country during his presidency and when he defended the murder of Jamal Khashoggi.
More recently, Trump’s son-in-law, Jared Kushner, received a $2 billion investment from a fund run by crown prince Mohammed bin Salman just months after Trump left the White House.
What are your thoughts on the timing of this licensing deal and how it will affect Trump’s campaign? Join the discussion in the Benzinga Community.
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