Dubai is one of the hottest property markets in the world, according to Eric Trump, executive vice president of the Trump Organisation.
The organisation, in partnership with London-listed Dar Global, has unveiled the Trump International Hotel and Tower, a $1 billion development in Dubai. It will have a Trump-branded hotel, residential units and a clubhouse.
The development will have two penthouses costing Dh75 million ($20.4 million) each, while a three to four-bedroom apartment will be sold for about Dh4 million to Dh5 million, according to the company's top executives.
Mr Trump said he would accept cryptocurrency for property purchases at the new project.
The project will emerge at the entrance of Downtown Dubai on Sheikh Zayed Road and will be completed in five years.
Dubai is “certainly one of the” hottest property markets in the world, “as evidenced by the amount of tower cranes and the kind of luxury projects being built”, Mr Trump told The National in an interview in the emirate on Tuesday.
“What's interesting is everybody's trying to redefine luxury, redefine kind of the highest pinnacle, and they're all succeeding,” he said.
Dubai has “become a destination for the entire world", he added.
"It's become such a safe haven for so many people, so many countries, so many people want to put money here," Mr Trump said. "So many people want to invest here, from all over the world, all over Europe, the Asian continent, all over Africa. Dubai has really become the epicentre.”
The influx of high-net-worth individuals has been boosting Dubai's property market, which has been benefiting from government initiatives such as residency permits for retired and remote workers, expansion of the 10-year golden visa programme and overall growth in the UAE’s economy on diversification efforts.
Dubai registered 111 sales of homes valued at more than $10 million in the first quarter of 2025, up 5.7 per cent on an annual basis, with a total value of $1.9 billion, Knight Frank said in a recent report on Tuesday.
Last year, the UAE saw the arrival of 7,200 millionaires, building on an influx of 4,700 in 2023 and 5,200 in 2022, Knight Frank said, quoting data from Henley & Partners. The total number of dollar millionaires in the UAE stood at 130,500 at the end of December, ranking the Emirates as the 14th-largest wealth market globally.
“Dubai's real estate market is going to continue to absolutely boom and we're going to set the kind of new standard in terms of price per square foot and luxury in the market,” Mr Trump said.
The Trump Organisation, with a portfolio of real estate developments comprising resorts, hotels, golf courses and residential properties in several countries, is not new to the region.
The company has a presence in Dubai as part of a partnership with developer Damac for two golf developments in its Akoya project.
It has also teamed up with Dar Global for the development of a resort that will include villas, a hotel and golf course in Muscat as well as a two billion Saudi riyals ($533 million) residential development in Jeddah that was unveiled in December.
The company is also working with the Saudi developer on two more residential projects in Riyadh.
The Trump International Hotel and Tower will accept cryptocurrencies from buyers to purchase property, Mr Trump said.
Both Mr Trump and his father, the US President, are huge supporters of cryptocurrencies.
The project “is going to be the first truly large-scale project that accepts Bitcoin, that accepts cryptocurrency to purchase units, and that's really exciting for me, because I love that world and I am deeply invested in that world”, he added.
“I believe in cryptocurrency. It's the financial mechanism of the future … it’s still in its infancy, but the growth has been explosive,” he said. Real estate and cryptocurrencies are “credible hedges for one another” and “when I can see two worlds that I truly love come together, it's very exciting”.
More people from the US are expected to invest in property in Dubai as “Americans are trying to learn what the Middle East is, better than ever before”, Mr Trump said.
“The Middle East for so many Americans was always fairly misunderstood, and now you can't go anywhere without hearing somebody talk about Dubai or the experience they had and I think that's great.”
Dubai is a mix of global cities including Monaco, Las Vegas and New York with a “tax haven, entertainment and true financial power”, which is appealing to buyers, he added.
The company will also be looking to launch more projects in the region as the economies continue to grow, Mr Trump said.
“It certainly won't be our last project. We've got the greatest partners in the world in Dar Global.”
US President Donald Trump's tariffs will have a minimum impact on the Gulf region, according to him. “The Gulf's service-based economy and lack of significant manufacturing make it less vulnerable to tariffs,” he said.
The Gulf region was levied with 10 per cent tariffs by the US administration earlier this month, much lower than other Middle East countries such as Tunisia, Jordan, Syria and Iraq.
The Trump International Hotel and Tower will be funded through a mix of bank borrowing, the company's own equity, cash and collections from investors, Ziad El Chaar, Dar Global's chief executive, said.
“We have approximately half a billion dollars of equity in the company, and we finished the year with a good cash position, close to $160 million,” Mr El Chaar said.
“We will also work with the local banks to fund mainly the construction of the hotel and the club.”
Dar Global, the international property development unit of Saudi Arabia's Dar Al Arkan, has a property portfolio worth $10 billion with projects in countries including the UAE, Oman, Saudi Arabia, the UK and Spain.
The company is also looking at developing projects in Athens, Greece, and some parts of the US.
“The common denominator of all these cities is that they are diversified. Each city attracts a big number of nationalities. Thereby, the investment is always more secure, more stable,” Mr El Chaar added.
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 calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
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Indians residing overseas cannot cast their ballot abroad
Non-resident Indians or NRIs can vote only by going to a polling booth in their home constituency
There are about 3.1 million NRIs living overseas
Indians have urged political parties to extend the right to vote to citizens residing overseas
A committee of the Election Commission of India approved of proxy voting for non-resident Indians
Proxy voting means that a person can authorise someone residing in the same polling booth area to cast a vote on his behalf.
This option is currently available for the armed forces, police and government officials posted outside India
A bill was passed in the lower house of India’s parliament or the Lok Sabha to extend proxy voting to non-resident Indians
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From solutions to life-changing technologies, the aim is to discover innovative breakthroughs to create a new and sustainable energy future.
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