Saudi property developer Dar Al Arkan has teamed up with the Trump Organisation for the development of a resort that will include residential villas, a hotel and a golf course in Muscat.
The Trump Resort will be located at Aida, a 100-metre-high hilltop development situated directly by the sea, Dar Al Arkan said in a statement on Sunday.
Dar Al Arkan and the Oman Tourism Development Company, better known as Omran, are developing the $4 billion mixed-use Aida real estate project in the Omani capital.
The development of Aida is due to begin in the first quarter of 2023, and the entire project will be developed over 10 years on an area of 3.5 million square metres.
Riyadh-based Dar Al Arkan is the largest developer in Saudi Arabia, and focuses on developing luxury residences and commercial centres in key locations across the kingdom. The company has delivered 15,000 residential units, over 500,000 square metres of commercial space and is expanding in its home market, the wider Middle East and Europe.
"The Trump Organisation is known for its exclusive, world-class developments," said Yousef Al Shelash, chairman of Dar Al Arkan.
"We are always looking to enhance Dar Al Arkan’s unique projects with premium facilities and experiences, and our partnership with Trump will distinguish our first project in Oman and put it on the global map.”
The Tadawul-listed company has more than $8.53 billion of assets and is currently building three residential projects in Dubai — Dar Al Arkan Pagani Tower near the Dubai Canal, Urban Oasis by Missoni and W Residences in Downtown Dubai. It also is planning to start a new residential project in Abu Dhabi next year, as the UAE's property market bounces back from the coronavirus-induced slowdown.
The Trump Organisation and Dubai developer Damac are partners in two golf-related developments as part of Damac's Akoya scheme in Dubai.
Damac announced its first deal with the Trump Organisation in May 2013, when Mr Trump and his daughter Ivanka attended a launch event in Dubai to announce a Trump International Golf Club would be built at the 28 million square feet Akoya by Damac masterplanned community.
"When we were looking at our next project and where we wanted to expand our footprint, we knew it had to be in an outstanding location and with an amazing team. At Aida, in the heart of Muscat, Oman, situated directly overlooking the incredible sea, we have truly found that," said Eric Trump, Executive Vice President of the Trump Organisation.
"Together with Dar Al Arkan, we are going to deliver an exceptional Trump golf resort with the finest residential villas, a world-class hotel and an iconic golf course, all in one of the most beautiful settings.”
The companies said the Trump resort would include "a championship golf course" designed by a renowned golf professional, but did not name the individual. The agreement announced on Sunday was signed in New York.
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Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
