Former U.S. President Donald Trump's organization inked a deal with a Saudi Arabian real estate developer for a $4 billion project in Oman.
What Happened: The Dar Al Arkan Global Company deal includes building “Trump residential villas, a hotel, and a golf course,” according to a stock market filing released on Sunday.
The filing said it would be “developed over 10 years on an area of 3.5 million square meters.”
The deal comes at a time of increased hostilities between Saudi Arabia and the U.S. government. Compared to the Trump administration, the Joe Biden administration shares a less cordial relationship with the Saudi leadership.
The project “is being developed with the support of the Omani Company for Development and Tourism (Omran), the executive arm of the Sultanate of Oman for tourism development,” the filing said.
Trump, who announced last week that he will run for presidential office again in 2024, enjoyed close ties with the Gulf nation and had also started his first international tour in Saudi Arabia as president after taking the top office in 2017.
Ties between Washington and Riyadh have soured over the OPEC+ oil cartel’s decision to limit output by two million barrels per day last month. The Biden administration has criticized Saudi's decision and compared it to “aligning with Russia” in the Ukraine war.
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