London-listed property developer Dar Global plans to launch its second Trump-branded tower in Jeddah, a mixed used development valued at $1 billion, amid higher demand for property in the Arab world’s largest economy.
Trump Plaza Jeddah along King Abdulaziz Road in the heart of Jeddah will house premium residences, serviced apartments, Grade-A office space and townhouses, Dar Global, the global investment arm of Saudi Arabia’s Dar Al Arkan, said in a statement on Monday.
The new tower is the second Trump branded development launched by Dar Global in Saudi Arabia after unveiling Trump Tower Jeddah in 2024.
“Trump Plaza Jeddah integrates living, working and leisure into one seamless destination,” the company said, without disclosing the timeline of the project.
“It will feature offices adjacent to serviced apartments and premium residences, creating a community where people can live and work in one place.”
New York’s Central Park-inspired green spine will also anchor the project.
“This project embodies our vision of excellence by blending world-class hospitality, modern living, and dynamic business environments,” Eric Trump, executive vice president of The Trump Organisation, said.
Dar Global is also building new projects in partnership with The Trump Organisation in Oman, the UAE and Qatar.
The launch of the new development comes as Saudi Arabia’s property sector continues to perform strongly amid diversification efforts and new reforms to support the development of the property sector.
In 2024, the total number of real estate transactions across all asset classes in the kingdom grew by 37 per cent year-on-year to 236,690, while total value of deals climbed by 27 per cent to 267.8 billion Saudi riyals ($71.41 billion).
Residential sales during the period were up 38 per cent to 202,661 deals, with the value rising 35 per cent to 164.8 billion riyals, according to a Knight Frank report.
Jeddah’s housing market saw the highest growth in the value and volume of transactions nationally last year, the report said, with residential transactions increasing by 53 per cent while the total value of deals up by 43 per cent. It was largely driven “by the Saudi Central Bank’s down payment reduction from 30 per cent to 5 per cent for Saudi nationals”, the report said.
Saudi Arabia also unlocked real estate to foreign investors, allowing residency through property purchases priced at more than $1 million in an effort to boost the real estate sector.
The kingdom also updated its rules to allow foreigners to buy property in specific zones in Riyadh and Jeddah, with “special requirements” for home ownership in Makkah and Madinah.
