All units at Dubai’s Trump International Hotel and Tower are expected to be sold by the end of summer amid high demand from buyers, the developer has said.
The $1 billion development was launched in April by Dar Global, the international property arm of Saudi Arabia’s Dar Al Arkan, in partnership with the Trump Organisation, the sprawling conglomerate of the family of US President Donald Trump.
The project, which is being built near Downtown Dubai on Sheikh Zayed Road, is expected to be completed in five years.
The development features more than 500 homes, with two penthouses costing Dh75 million ($20.4 million) each and three to four-bedroom apartments priced between Dh4 million and Dh5 million. It also has a Trump-branded hotel and a clubhouse.
“Sales have been strong, [there has been] very good reception for the brand, for the mix and the location,” Ziad El Chaar, Dar Global's chief executive, told The National in an interview. He did not say how many units have been sold so far.
“We have approximately 40 nationalities who are investing in the project including people from India, Pakistan, the UK, some investors from Arab countries such as Saudi Arabia, Lebanon, Iraq, Kuwait, Oman and from Eastern Europe, Turkey, Romania and Russia," he added.
Dubai’s residential sector continues to perform strongly, with the emirate recording 17,504 transactions in May, a 15.1 per cent month-on-month increase, while total sales value for the month surged to Dh54.48 billion, up 18 per cent on the previous month, according to Betterhomes.
Average price per square foot also climbed 4.5 per cent on a monthly basis to Dh1,808 in May, data shows.
Strong economic growth combined with government measures such as residency permits for retired and remote workers, and an expansion of 10-year golden visa programme has helped boost the property market in the emirate.
"Prices are going up because there are a lot of clear fundamentals in the market," Mr El Chaar said. "You have economic demand, you have economic attraction. You have a lot of facilitation on golden visas. These days, you have a big increase in traffic at the airport, which means people are not just speculating online, they are here, they are in the market.
"At the same time, we have a lot of people who are flying from high tax areas, coming to domicile in the UAE, plus you also have new activities happening that are bringing more people to the country, especially with the gaming [resort] opening in Ras Al Khaimah."
Partnership with Trump Organisation to continue
Dar Global, with a property portfolio worth $10 billion in the UAE, Oman, Saudi Arabia, the UK and Spain, plans to continue building new projects in partnership with the Trump Organisation, which is managed by Mr Trump's sons, Donald Jr and Eric Trump.
“We have announced seven projects in two years [with the Trump Organisation] and this successful collaboration will continue,” Mr El Chaar said.
Dar Global is currently building two new projects in Oman, a hotel and a residential development, as well as a Trump tower in Jeddah, the Trump International Hotel and Tower in Dubai and a new project in Doha that was unveiled last month.
The company has also committed to building two new residential projects in Riyadh with the Trump Organisation and it is set to finalise one project in the Saudi capital by the end of the year.
Abu Dhabi expansion
Dar Global is "aggressively pursuing" entering the Abu Dhabi market. "We are in continuous discussions with a lot of parties in Abu Dhabi to find the right project," Mr El Chaar said.
"We are very much interested to launch in Abu Dhabi because we believe the market has now enough attractants to bring in the investors from outside, and some within Abu Dhabi, and we would like to put our flag in the market."
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
MATCH INFO
What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
More coverage from the Future Forum
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
