Dar Global, the global arm of Saudi Arabia’s biggest developer Dar Al Arkan, is partnering with the Trump Organisation to build a new project in Dubai as the emirate's property market continues to remain buoyant amid higher demand from buyers.
The project, called Trump Tower Dubai, will feature a Trump hotel and branded residential units, Dar Global said on Thursday.
It did not reveal the cost of the project or completion timeline, but said it plans to unveil the location and design of Trump Tower Dubai towards the end of 2024.
The project will also feature The Trump Private, an exclusive members-only club, among other amenities.
It is Dar Global's third collaboration with the Trump Organisation following the announcement of new projects in Oman and Jeddah.
Trump Organisation, owned by former US president Donald Trump, has a portfolio of real estate developments, comprising resorts, hotels, golf courses and residential properties in several countries globally.
The company already has a presence in Dubai as part of a partnership with developer Damac for two golf-related developments in Damac's Akoya project.
Eric Trump, executive vice president of the Trump Organisation, said the company is “proud” to expand its presence in the region and is looking forward to "bringing our vision to life in one of the world’s most dynamic cities".
The announcement of the project comes as demand for property continues to remain strong in Dubai amid government initiatives and overall growth in the economy.
Prices of prime residential properties in Dubai rose by more than 16 per cent last year, the second-fastest pace globally, on soaring investor demand, property consultancy Knight Frank said in a report in April.
Dubai's luxury home market also reached record levels in 2023, with sales of $10 million-plus homes nearly doubling to $7.6 billion and outstripping global rivals London and New York, Knight Frank said in a previous report.
The consultancy forecasts that prime residential values in the emirate will rise by 5 per cent this year, positioning the city as the third fastest-growing prime residential market globally, behind Auckland (10 per cent) and Mumbai (5.5 per cent).
"The market continues to be strong and the demand fundamentals have not changed," Ziad El Chaa͏r, chief executive of D͏ar Glob͏al, said in a previous interview with The National.
"The demand for investing is increasing and the UAE population is increasing at the same time ... you still have a lot of people who are still finding their second home in the UAE because they are setting up a lot of businesses in the UAE.”
Dar Global was established in 2017 to manage the Saudi developer's international assets. It focuses on developing premium properties, such as luxury second homes and holiday homes.
It is partnering with global brands, including Missoni, Aston Martin, Pagani and W residences to develop new projects in the UAE.
Dar Global has $5.9 billion worth of projects under development in six countries – the UAE, Oman, Qatar, the UK, Spain and Bosnia, it said this month.
Last year, the company raised $72 million from its listing on the London Stock Exchange.
