The Trump family has struck a deal with Dar Al Arkan, one of Saudi Arabia’s largest real estate companies, for a new integrated residential complex to be built in Oman, reported The New York Times.
As per the agreement, the Trump Organization will be licensing its name to the Saudi group's upcoming project on a hillside adjacent to the Gulf of Oman, and will include a golf resort, villas and two hotels, stated the report citing a top company executive.
The financial terms of the deal with Dar Al Arkan were not disclosed.
However, a spokesperson for the Trump Organization confirmed the paperwork had been signed to have the Trump brand be a part of the SR6 billion ($1.6 billion) Aida project.
Earlier Trade Arabia had reported that ‘Aida’ was being developed by Dar Al Arkan as a premium, mixed-use real estate project in the Yiti area in Muscat.
The project, which will come up on a 3.5 million sq m area, marks the Saudi developer's foray into the Omani property market.
Situated on a hilltop, the project which will be developed 100 m above sea level, will comprise 3,500 residential units of medium-sized villas, townhouses and low-rise apartments.
It will feature two charming hotels, a plaza filled with cafes and restaurants, a gated promenade with luxury retail and premium wellness centres, and gyms, cradled by a gorgeous outdoor landscape.
The new agreement renews a swirl of questions about former President Donald Trump’s mixing of politics and business just as he appears poised to announce a third presidential candidacy, stated the report.
Deals like this - in which the Trump family gets a cut of condo sales or golf course revenue in exchange for allowing its name to be used - used to be a major source of revenue for the Trump Organization before Trump was elected president, reported The New York Times.
But the family agreed to not sign any new international deals while Trump was in the White House, and it has been slow to negotiate any new ones since he left office, it added.