On 2 July 2024, Dar Global, a Saudi Arabia-based real estate developer, and the US-based Trump Organisation announced their plans to develop the Trump Tower in Jeddah, marking the Trump Organisation’s first project in Saudi Arabia.
While details regarding the budget and timeline for the project remain undisclosed, the collaboration signifies a major development in Saudi Arabia’s real estate market.
Dar Global currently oversees projects valued at $5.9 billion across six countries, including the UAE, Oman, Qatar, the UK, Spain, and Bosnia. This latest partnership follows a similar collaboration in Oman, where the two companies are working together on the Trump International resort, golf club, and residences as part of the Aida project. The estimated $500 million Omani development will feature a five-star hotel with 140 rooms, luxury villas, serviced apartments, an 18-hole championship golf course, and a nightclub, scheduled to open by the end of 2028.
According to GlobalData, Saudi Arabia’s construction sector is expected to grow by 4.6% in 2024, driven by public and private investments in transportation, energy, tourism, and housing projects. The residential sector is projected to expand by 4.2% in real terms in 2024, with an annual average growth rate of 5.9% from 2025 to 2028, bolstered by government initiatives aimed at increasing homeownership from 62% in 2020 to 70% by 2030.
