RIYADH: Saudi developer Dar Al Arkan has signed an agreement with former US President Donald Trump’s company to develop its $4 billion project in Oman, it said in a filing on the Tadawul on Sunday.
The Trump resort will include residential villas, a hotel and a golf course. It will be located at Aida, a 100-meter-high hilltop project jointly developed by Dar Al Arkan and the Oman Tourism Development Co.
The project will be developed over 10 years on an area of 3.5 million square meters and is expected to reach a joint investment of SR6 billion ($1.59 billion), the filing said.
“We are always looking to enhance Dar Al Arkan's unique projects with premium facilities and experiences. Our partnership with Trump will distinguish our first venture in Oman and put it on the global map,” said Yousef Al Shelash, chairman of Dar Al Arkan, in a company statement.
The 100-meter-high hilltop development is one of the largest premium mixed-use real estate projects in the world, situated by the sea.
In 2017, the Trump Organization, a group of about 500 business entities of which Donald Trump is the sole or principal owner, launched a branded golf club in Dubai, a 7,205-yard, par-71 course located near Sheikh Zayed Road in DAMAC Hills.
“Together with Dar Al Arkan, we are going to deliver an exceptional Trump Golf resort with the finest residential villas, a world-class hotel and an iconic golf course,” said Eric Trump, executive vice president of the Trump Organization, in the statement.
Dar Al Arkan has delivered 15,000 residential units and 500,000 square meters of commercial space. It holds SR31 billion ($8.25 billion) of assets and operates in eight countries.
The real estate monolith has three ongoing projects in Dubai: Dar Al Arkan Pagani Tower, Urban Oasis and W Residences in Downtown Dubai. It has also forayed into Abu Dhabi and plans to start a residential project next year.
It is also planning to develop an exclusive vacation and housing project in Bosnia. Called Sidra, the company’s first European luxury residential project is targeted at people interested in owning a second home in a country rapidly becoming the top destination for investment and vacations right in the heart of Europe.