US President Donald Trump's widening portfolio in the Gulf powered a new wave of wealth after his return to office last year, with his real estate empire a particular source of income.
In a mandatory filing to the US Office of Government Ethics, Mr Trump and the Trump Organisation reported developers paid them $38 million in licencing fees for projects in Oman, Qatar, Saudi Arabia and the UAE. Regional developers have announced plans to build Trump-branded golf courses and towers.
He told reporters on Wednesday that he has nothing to do with his personal finances.
“I don't get involved … We have funds that run my money,” Mr Trump said.
A representative for the Trump Organisation said the disclosure reflects the company's strong financial position, “supported by world-class, valuable assets, substantial liquidity and a conservative balance sheet”.
“The breadth and depth of this filing further underscores our commitment to transparency. At nearly 1,000 pages, it represents one of the most comprehensive financial disclosure reports ever submitted and demonstrates a level of financial transparency unmatched in presidential history,” the representative said.
While Mr Trump's business ventures in the region are well reported, the 927-page disclosure showed the breadth of his footprint there at a time when the Gulf plays a growing role in US foreign policy.
Many of these deals were initiated after his first term ended in 2021.
One such deal is with Saudi developer Dar Al Arkan and its international arm Dar Global. The company first signed an agreement with the Trump Organisation on a $4 billion luxury resort in Oman in 2022. Dar Al Arkan also operates Trump properties in Qatar, Saudi Arabia and the UAE.
Mr Trump reported about $21.9 million in revenue from Dar Al Arkan last year, about the same as he reported in his 2024 financial disclosure.
Included in the most recent filing is $5.25 million he received as a licence fee from a coming golf club and resort project in Doha.
The financial disclosure also showed Mr Trump reported millions in income from UAE developer Damac.
The President reported revenue of about $12.5 million in management and licence fees from Trump International Golf club in Dubai, which opened during Mr Trump's first term, and an estate project at Abu Dhabi's Al Raha Beach.
Emirati billionaire and Damac founder Hussain Sajwani last year announced plans to invest $20 billion in US data centres. Mr Sajwani first joined forces with Mr Trump to build a golf course that would go on to become the centrepiece of Damac Hills, a gated community of luxury homes in Dubai.
Mr Trump's earnings in the Gulf underscore the vast income he received from foreign real estate deals as he began his second term. Mr Trump's family business also licensed his name for real estate projects in Bucharest, while he reported additional income from entities in India.
Mr Trump reported at least $2.2 billion in global revenue last year, compared to at least $622 million in 2024, according to an analysis by The New York Times. A significant part of that was due to a $1.4 billion crypto-related windfall largely through World Liberty Financial.
A UAE-based fund last year bought $100 million of World Liberty Financial tokens, which are part of Mr Trump's crypto project.
