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.
Euro 2020
Group A: Italy, Switzerland, Wales, Turkey
Group B: Belgium, Russia, Denmark, Finland
Group C: Netherlands, Ukraine, Austria,
Georgia/Kosovo/Belarus/North Macedonia
Group D: England, Croatia, Czech Republic,
Scotland/Israel/Norway/Serbia
Group E: Spain, Poland, Sweden,
N.Ireland/Bosnia/Slovakia/Ireland
Group F: Germany, France, Portugal,
Iceland/Romania/Bulgaria/Hungary
Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
The specs
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MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
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The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
Mohammed bin Zayed Majlis
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
UAE%20ILT20
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Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
The specs
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Power: 540hp at 6,500rpm
Torque: 600Nm at 2,500rpm
Transmission: Eight-speed auto
Kerb weight: 1580kg
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New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
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Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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