Construction on Dubai's $1 billion Trump tower is a step closer after the issuing of a key contract to build the 350-metre structure in the heart of the city.
Property developer Dar Global has awarded a contract to Gulf Asia Contracting to build the podium of Trump International Hotel and Tower in Dubai. The construction comes at a time of uncertainty for the Gulf states due to the Iran war.
The contract follows the completion of enabling works at the project, London-listed Dar Global said on Thursday.
The tower, with more than 500 homes, was unveiled last year by Dar Global, the international property arm of Saudi Arabia’s Dar Al Arkan, in partnership with the Trump Organisation. It is expected to be completed in five years.
Rising across 80 floors, the building on Sheikh Zayed Road will also have a Trump-branded hotel and an exclusive private members' club.
It will also have Dubai's highest outdoor swimming pool and two signature penthouses costing Dh75 million ($20.4 million) each. Three and four-bedroom apartments are priced between Dh4 million and Dh5 million.
“Having successfully wrapped up enabling works on schedule, we have partnered with Gulf Asia Contracting to lead the next major phase, keeping us firmly on track for our planned completion date,” Ziad El Chaar, Dar Global's chief executive, told The National on Thursday.
“Sales performance has been outstanding, with 80 per cent of the inventory already secured by a strong mix of regional and global investors.”
About 40 nationalities are investing in the project, including people from India, Pakistan, the UK, Saudi Arabia, Lebanon, Iraq, Kuwait, Oman, Turkey, Romania and Russia.
Dar Global is also building new projects in partnership with the Trump Organisation in Oman, Saudi Arabia and Qatar.
In January, the developer launched a Trump-branded luxury project in Riyadh’s Diriyah master development, featuring a Trump-branded championship golf course, luxury hotel and premium residences.
The UAE’s property market has largely weathered the fallout from the Iran war, with residential prices continuing to rise in Abu Dhabi and Dubai.
Abu Dhabi residential prices rose by about 21.6 per cent year-on-year in the second quarter of 2026, with apartment prices rising 24.4 per cent annually, while the villa market growing more modestly at 6.3 per cent, a CBRE report showed.
Dubai residential prices, meanwhile, grew by about 1.9 per cent annually in the second quarter, with apartment prices increasing by 1.3 per cent and villas by 5.7 per cent, CBRE said.
