E-Paper
Sign In
iPhone | iPad
Android
Sun, Dec 29, 2024 | Jumada al-Aakhirah 28, 1446 | DXB
0°C
Dar Al Arkan signs deal with Trump family for Oman project
Saudi real estate developer introduces Trump signature villas, hotel, and golf course at its hilltop project ‘Aida’ in Muscat, Oman
The Aida project, a joint venture with Oman Tourism Development Company, will include Trump residential villas, a hotel and a golf course built near Muscat and would take over a decade to complete, according to the Dar Al Arkan filing. — Supplied photo
Dar Al Arkan on Sunday announced that it signed an agreement with former US President Donald Trump’s company to use the Trump Brand for its $4 billion project in Oman that includes a golf course, hotel and villas.
The Aida project, a joint venture with Oman Tourism Development Company, will include Trump residential villas, a hotel and a golf course built near Muscat and would take over a decade to complete, the Dar Al Arkan filing said.
Located in the heart of the capital, Muscat, the 100-metre-high hilltop development is one of the largest premium mixed-use real estate projects in the world, situated directly by the sea.
"The value of the project is $4 billion, and it will be developed over 10 years on an area of 3.5 million square metres. The development of Aida is due to begin in the first quarter of 2023," according to the statement.
The development of Aida is due to begin in the first quarter of 2023.
Financial terms not disclosed
The regulatory statement issued on Sunday by Saudi real estate developer did not disclose the financial terms of the agreement with the Trump Organisation, which manages hotels, golf courses and other real estate around the world.
Yousef Al Shelash, chairman, Dar Al Arkan, said the Trump Organisation is known for its exclusive, world-class developments and superior quality.
"We are always looking to enhance Dar Al Arkan’s unique projects with premium facilities and experiences, and our partnership with Trump will distinguish our first project in Oman and put it on the global map,” he said.
UAE among beneficiaries
Atik Munshi, managing partner, FinExpertiza UAE, said the Middle East has witnessed a good uplift in its real estate sector and has thus attracted individual and FDI investments into the region.
The UAE, Saudi Arabia and Oman are among the beneficiaries. The Trump brand commands a good interest in this market and the current tie up of Dar Al Arkan with the Trump name is likely to provide a good mileage to the project in Oman as real estate investors often associate value of the property with the brand,” Munshi told Khaleej Times on Sunday.
“Considering the boom in the industry, real estate companies are trying to vie the customers from across the globe to invest, this is a good tool to get the desired response,” he said.
Ata Shobeiry, chief executive of Zoom Property, said the success of this development in Oman will open more for signature Trump villas in other Middle Eastern destinations, such as Dubai as well.
"With Dubai property market already cruising, these international projects will further give it a boost, while attracting more HNWIs and foreign investors," he said.
Outstanding project location
Trump had handed control of the business to his sons while in office. He enjoyed close ties with Gulf states during his tenure as president, including Saudi Arabia which has invested $2 billion with a firm of Jared Kushner, Trump’s son-in-law and former aide, incorporated after Trump left office.
"When we were looking at our next project and where we wanted to expand our footprint, we knew it had to be in an outstanding location and with an amazing team. At Aida, in the heart of Muscat, Oman situated directly overlooking the incredible sea, we have truly found that," Eric Trump, executive vice-president, The Trump Organisation, said.
"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, all in one of the most beautiful settings,” he said.
Expanding Gulf footprints
The Trump Organisation has two golf properties in Dubai in the UAE, the Middle East’s financial and tourism hub, in partnership with property developer Damac.
Ziad El Chaar, CEO, Dar Al Arkan Global, said Aida sits on a high peak overlooking one of the most breath-taking horizons in the world.
"Imagine the beautiful setting of a villa in these majestic surroundings or playing a game of golf overlooking the sea – it is truly unrivalled. We are confident the relationship with Trump will enhance the natural beauty of Aida and attract end-users and investors from around the world looking to be part of an exceptionally iconic project,” he said.
— muzaffarrizvi@khaleejtimes.com
Muzaffar Rizvi
Muzaffar Rizvi is an accomplished financial journalist with more than 25 years of experience in the UAE and Pakistan. He has good writing skills, strong grip on production and an excellent news sense.
Sign Up For Breaking News Alerts
Be in the know. Get the latest breaking news delivered straight to your inbox.
