As part of its larger goal to grow throughout the Middle East, the Trump Organization has revealed plans for a second luxury tower in Saudi Arabia. Building on the success of its previous property in Saudi Arabia, this new project is expected to be situated in Riyadh and represents the region's increasing interest in upscale real estate developments.
Targeting global corporations, the new tower will have more than 300 opulent residential flats, a five-star hotel with 250 rooms, and first-rate office space. The tower will be a part of a bigger mixed-use complex that includes high-end shops and restaurants, and it is anticipated to rise more than 400 meters, making it one of Riyadh's tallest structures.
The project is scheduled to begin construction in late 2024 and is expected to be completed in 2027, with an estimated cost of about $700 million. In keeping with the Trump Organization's practice of establishing regional alliances to negotiate local laws and market preferences, the development will be administered in coordination with a local Saudi partner.
The Middle East has been a major area of concentration for the Trump Organization's expansion. The corporation has projects in the United Arab Emirates, Qatar, and Turkey in addition to its current Saudi property. These business endeavors add to the expanding portfolio of global initiatives, which in 2022 generated 20% of the company's total revenue.
The Trump Organization's commercial endeavors in the Middle East have drawn criticism despite their success. Due to Saudi Arabia's human rights record, human rights organizations have expressed concerns about conducting business there. The company's connections to the former US president, according to critics, may potentially make foreign relations more difficult.
Supporters counter that the projects help create jobs and boost the economy. Upon completion, the Riyadh tower is anticipated to generate 1,200 permanent employment in addition to 5,000 construction jobs.
The Trump Organization's second skyscraper expresses confidence in the kingdom's economic direction as Saudi Arabia continues its swift transition. The project has the potential to significantly impact Riyadh's skyline thanks to the support of local partnerships and the growing demand for luxury real estate.
