The Trump Organisation inaugurates a billion-dollar tower in Dubai ahead of the presidential visit to the Gulf
From Dubai, on the eve of Donald Trump's visit to the Gulf region, Eric Trump — the US president's second son — told Reuters on Tuesday that the Gulf depends on ‘a strong United States.’ He added that countries in the region crave stability and security as a foundation for economic growth.
The younger Trump, an executive in his father's family business, spoke as the Trump Organisation launched construction of a new tower in the city in partnership with a local luxury property developer.
The Dubai tower, scheduled for completion between 2030 and 2031, will have a gross development value of $1 billion, Dar Global CEO Ziad El Chaar told Reuters on Tuesday.
Dar Global, the international arm of Saudi Arabia's Dar Al Arkan real estate development company, has already unveiled several projects in partnership with the Trump Organisation.
These include plans for a Trump tower in Saudi Arabia's capital, Riyadh, and the major hub of Jeddah, real estate projects in Oman and further expansion in Abu Dhabi.
The company and Qatari developer Diar will also announce on Wednesday an agreement to develop an international Trump golf course and Trump Villas in Qatar, a source with knowledge of the plans told Reuters on Tuesday.
The 80-storey tower in Dubai, the Gulf resort that boasts the world's tallest building and palm-shaped islands, will house a luxury hotel, premium residential apartments and two penthouse residences.
It is being developed by the Trump Organisation in partnership with Dubai-based Dar Global.
Its official launch comes just weeks before Donald Trump's trip to the Gulf, when the president will visit Saudi Arabia, Qatar and the United Arab Emirates, returning to a region with which he had fostered close ties during his first term.
‘This entire region depends on a strong United States. And I hear it over and over again. I hear it from the most important leaders in the Gulf,’ Eric Trump said.
‘Dubai, like the entire world, thrives on a healthy and secure world, and that's what President Trump wants,’ he added.
Asked how the tariff war unleashed by the US administration affected the Gulf region, he replied that the United Arab Emirates was less exposed to tariffs due to its service-oriented and capital-intensive economy. ‘They can avoid it to a large extent, and I think that benefits much of the Gulf.’
Most of the Trump Organisation's businesses are in the United States, but it has significant interests abroad, including in Saudi Arabia and the United Arab Emirates.
The Trump Organisation said before the president's inauguration that it would hand over control of the company to his sons, replicating an agreement from his first term, although it has not dispelled all concerns about potential conflicts of interest.
Eric Trump said on Tuesday that he will not be part of a business delegation travelling with Trump during the Gulf visit.
‘I'm not going to be a part of this, no... I'm staying totally out of it. I don't want to have anything to do with politics or public policy,’ he said, adding that his father “loves the region” and ’has a lot of friends here.’
The Trump Tower in Dubai will feature the world's highest outdoor pool once completed, and buyers will be able to pay with bitcoin, Eric Trump said.
The Trump family has launched cryptocurrency meme coins, and the president also has a stake in World Liberty Financial, a cryptocurrency platform. ‘You're seeing two worlds that I love so much finally merging, and that's very exciting,’ Eric Trump said, referring to the investment in real estate and cryptocurrencies.