Authored by Jack Phillips via The Epoch Times,
The Trump Organization confirmed it will construct a new Trump Tower in Saudi Arabia, according to a company announcement Monday.
The firm, owned and led by Donald Trump since 1971 before he handed over the reins to his children upon winning the election to become the 45th president, announced it partnered with a Saudi-owned developer Dar Global to build the tower in Jeddah. It’s the first building that the Trump Organization would develop in the country.
“We are thrilled to expand our footprint in the Middle East and bring the Trump standard of luxury to the region through our long-standing relationship with Dar Global,” Eric Trump, the former president’s son and executive vice president of the company, said in a statement.
“This collaboration embodies our shared vision of creating landmark developments that exude luxury, quality, and sophistication.”
The head of Dar Global added that it is “delighted to strengthen our ongoing relationship with The Trump Organization and expand our portfolio by delivering premium properties to redefine Saudi Arabia’s high-growth real estate market.”
He added, “The new agreement in Saudi Arabia will leverage the strengths of both organizations to attract more international investors and vacationers.”
About two weeks ago, Dar Global announced it agreed to a licensing deal for a Trump International hotel building in Oman, although the building isn’t owned by the Trump Organization. The team that is working on the project is also headed by Eric Trump.
Some Democratic lawmakers have said that the Trump investments in the Middle East and Saudi Arabia could present a conflict of interest.
The Trump Organization is owned by a private trust that includes the former president as its sole beneficiary. It’s run by his sons Eric Trump and Donald Trump Jr..
The company was fined $1.6 million by a New York judge after it was accused by prosecutors of running a tax-fraud scheme. The organization denied any wrongdoing.
In February, another New York judge fined former President Trump $454 million in total penalties after ruling that his company and others inflated assets to boost his net worth and gain financial benefits.
Weeks later, the former president appealed the judgment, alleging that the court abused its discretion or “acted in excess of its jurisdiction.” He and his attorneys also accused the judge and attorney general of political bias, while arguing that neither he nor his company engaged in any wrongdoing.
Tyler Durden
Tue, 07/02/2024 – 05:45
