Trump Organization signs licensing deal with Saudi developer

Trump Organization signs licensing deal with Saudi developer

Posted For: Cmogruder 

TRD Staff

The Trump Organization inked a licensing agreement with a Saudi Arabian developer, ending a hiatus from international deals as Donald Trump prepares his return to presidential politics.

The Trump Organization agreed to license its brand to a housing and golf complex set to be built in Oman, the New York Times reported. Financial terms of the deal with Dar Al Arkan were not disclosed; Quara Holding is the developer’s parent company.

The deal is the company’s first international marketing agreement since the end of Trump’s presidency and marks a return of ethical concerns over the intersection of his business and political interests. The Times report came one day before Trump is expected to announce a 2024 presidential run.

The $1.6 billion project in the Middle East, known as Aida, will also include 3,500 residential units, 450 hotel rooms and luxury retail destinations. The golf course will become the 17th to bear the Trump name, but it’s unclear yet if one of the project’s hotels will also carry the name.

The Trump family’s business ties to the Saudi Arabian government previously drew scrutiny. During his presidency, Trump authorized billions of dollars in weapon sales to the country and defended the murder of Jamal Khashoggi, a journalist believed to have been killed on the orders of the country’s crown prince.

More recently, Trump’s son-in-law, Jared Kushner, landed a $2 billion investment from a fund run by the crown prince only months after Trump left office. Additionally, Trump himself recently held an event at his Doral golf course for LIV, a Saudi-backed golf league accused of using sports to draw attention away from human rights issues in Saudi Arabia.

“The Trump corruption complex is back in business,” Robert Weissman, president of liberal government watchdog Public Citizen, told the Times of the company’s deal for the Oman property.

The deal comes as Trump is facing a slew of investigations and legal challenges, which led the company to pause expansion plans in recent years.

New York attorney general Letitia James is rolling along with a civil case, which seeks to oust the Trumps from control of their company and restrict the Trump Organization’s activities. In a case by Manhattan District Attorney Alvin Bragg, longtime Trump Organization CFO Allen Weisselberg pleaded guilty to tax fraud charges and could testify against the company as soon as Tuesday

https://therealdeal.com/2022/11/15/trump-organization-signs-licensing-deal-with-saudi-developer/

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