Developer expects $1bn Trump Tower in Dubai to sell out by end of summer
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 is expected to finalise another 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."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
16 minutes ago
- Zawya
HCT and GEMS Education mark two-year milestone in strategic partnership advancing Emiratization in education
Abu Dhabi, UAE – The Higher Colleges of Technology (HCT) is proud to celebrate a significant milestone in its strategic partnership with GEMS Education, marking two years of impactful collaboration that continues to advance Emiratization within the UAE's education sector. Since its inception, the HCT-GEMS partnership has played a pivotal role in supporting the UAE's national vision for a knowledge-based economy by creating meaningful pathways for Emirati nationals to enter and thrive in the education workforce. The initiative has provided both employment and practical training opportunities for HCT students and graduates, equipping them with the tools needed for successful and sustainable careers. To date, GEMS Education has welcomed 49 HCT graduates into its network of schools since the launch of the partnership, offering them full-time employment opportunities that reflect their academic training and passion for teaching. In total, 95 HCT graduates have joined GEMS schools over the years, underscoring the long-standing alignment between the two institutions. In addition, 121 HCT students have taken part in hands-on apprenticeship placements across GEMS institutions, surpassing the original target and demonstrating the strong commitment both organizations have toward nurturing homegrown talent. The collaboration has also fostered broader engagement through dedicated JAHIZ Days and consistent GEMS participation in HCT Employment Expos. These activities have further strengthened the bridge between academia and industry, showcasing the capabilities of Emirati youth and preparing them for long-term professional success. Dr. Faisal Alayyan, President & Chief Executive Officer of HCT, said: ' This partnership exemplifies HCT's commitment to empowering our graduates with practical skills and career opportunities. We are proud to work alongside GEMS Education in delivering tangible outcomes that support the national Emiratization agenda and help shape the next generation of Emirati educators and professionals.' Dino Varkey, Chief Executive Officer of GEMS Education, added: 'We are deeply proud of our collaboration with HCT, and the progress achieved over the past two years. By welcoming talented Emirati graduates and apprentices into our schools, we are not only supporting the national Emiratization drive but also enriching our learning environments with local perspectives and leadership. We look forward to continuing this collaboration and building on its success.' Fatima Alshamsi, Vice President of Emiratisation at GEMS Education, also commented: 'This partnership reflects a shared investment in the future of our nation. The success stories emerging from our collaboration with HCT inspire us every day. Emirati youth are stepping confidently into the education sector, and at GEMS, we are honored to be part of their journey toward meaningful and impactful careers.' The two-year milestone stands as a powerful testament to what can be achieved through sustained collaboration between academia and industry. As both institutions look ahead, the shared ambition remains clear: to continue building a generation of empowered Emirati educators who will lead the UAE's education landscape into the future. About the Higher Colleges of Technology (HCT) The Higher Colleges of Technology (HCT) is the UAE's largest applied higher education institution, committed to preparing Emirati youth for the future economy through hands-on, industry-aligned learning. Established in 1988, HCT operates campuses across the Emirates, offering a wide range of programs in engineering, business, health sciences, computer information science, applied media, and education. HCT serves as a key driver of economic growth and social impact through strategic partnerships with government, industry, and academia. Its leadership team champions institutional excellence, faculty transformation, and future-ready learning to empower graduates to lead in vital sectors and contribute to the nation's prosperity. About GEMS Education: GEMS Education is one of the oldest and largest K-12 private education providers in the world and a trusted and highly regarded choice for quality education in the Middle East and North Africa region. As a company founded in the UAE in 1959, it holds an unparalleled track record of providing diverse curricula and educational choices to all socio-economic means. Having started with a single school run from a private home in Dubai, GEMS remains a family business to this day. Its inspiring Founder, Sunny Varkey, and his son, Dino Varkey, who is Group Chief Executive Officer, are responsible for providing vision, insight, and strategy across the organisation. Every day, GEMS has the privilege of educating students from over 176 countries through its owned and managed schools globally. And through its growing network, as well as charitable contributions, it is fulfilling the GEMS vision of putting a quality education within the reach of every learner. Every year, students graduating from GEMS schools progress to the world's best universities. Over the past five years, GEMS students have been accepted into over 1,050 universities in 53 countries including all eight Ivy League universities in the US and all 24 Russell Group universities and colleges in the UK.
Zawya
16 minutes ago
- Zawya
Fintech Major Qi and U.S.-based K2 Integrity join forces to align Iraq's financial sector with global standards
Dubai, United Arab Emirates – In a strategic move to strengthen financial compliance standards across its operations, Qi, also known as International Smart Card, has signed a landmark partnership with K2 Integrity, a global compliance and financial crime advisory firm. Qi-K2 scope of work will be split into Qi UAE, Qi Jordan and Qi Iraq. K2 Integrity will build a large operations and compliance back office in Jordan for Qi and will integrate this office into Qi's compliance ecosystem. K2 Integrity will further use Qi's UAE back office as an innovation incubator and sandbox for new Qi products and services. This long-term collaboration marks a new milestone for upgrading not only Qi's internal controls but also developing a model for strengthening the integrity for the entire Iraqi financial system. The agreement comes at a time when the Iraqi economy has started rebuilding post war and the country has increased its multilateral integration with the international financial institutions, central banks, governments and foreign investors. The concerns over outdated compliance and transparency have challenged the country's reputation. At this point, Qi has taken decisive action and partnered with a pioneer and powerhouse of the modern global AML/CFT compliance and standards conglomerate. The Qi and K2 Integrity duo is set to shift this narrative and build a model of excellence for compliance in Iraq. 'This is not just about one business group,' said Bahaa Abdul Hadi, Chairman of International Smart Card (ISC), which owns and operates the Qi Card platform. 'This is about Iraq and its economic future. We believe in leading by example as we did in the past. We are investing heavily to ensure our systems, people, and partners meet the highest global standards of financial integrity.' 'This partnership illustrates Qi's proactive stance in positioning the company's and Iraq's electronic payment infrastructure at the forefront of global compliance standards,' said Bahaa. Setting National Roadmap The partnership spans a 36-month roadmap split into three phases, where K2 Integrity will perform the following strategic tasks. • Evaluate and transform Qi's current financial crime compliance (FCC) framework. • Train Qi's personnel across all levels from frontline staff to executive leadership. • Take operational responsibility for implementing globally benchmarked compliance practices. • Transition the program into a sustainable, best-in-class model eventually managed by Qi. What distinguishes this initiative is its national impact. Qi is Iraq's largest electronic payment platform, serving millions of customers and integrating with the central government, major banks, and global payment networks. The compliance infrastructure built with K2 Integrity for Qi will ripple across the country's financial ecosystem, influencing how banks, the fintech sector, and regulators approach risk, governance, and trust. Bringing Global Expertise to Iraq The New York-based K2 Integrity brings decades of experience advising the U.S. government, international institutions, and Fortune 500 banks. Its team includes former senior U.S. Treasury officials who helped craft counter-illicit finance strategies and global standards. K2 Integrity's entry in Iraq signals confidence in Iraq's financial reform trajectory. 'Qi is setting the tone for a new era in Iraq,' said Chip Poncy, Global Head of Financial Integrity at K2 Integrity. 'By committing to global standards and transparency, Qi is building not just resilience, but regional leadership in financial compliance.' Reclaiming Iraq's Financial Legacy This initiative marks a pivotal milestone in Iraq's compliance evolution—strengthening national capabilities and building a foundation for secure, scalable financial growth. It positions Iraq to regain credibility with international partners, attract investment, and enable more secure, scalable cross-border transactions, particularly vital for trade, remittances, and financial inclusion. About Qi: Qi, also known as the International Smart Card or Qi Card, is Iraq's leading digital payment platform, serving over 10 million customers through a unified ecosystem of cards, mobile wallets, merchant services, and government integrations. With a mission to empower the Iraqi economy through transparency, innovation, and financial inclusion, Qi continues to lead Iraq's digital transformation journey. About K2 Integrity: K2 Integrity is a global leader in risk advisory, compliance, and investigations. With a legacy of shaping financial integrity standards and advising on complex cross-border regulatory issues, K2 Integrity empowers institutions worldwide to navigate risk and drive trust.
Zawya
16 minutes ago
- Zawya
DMCC announces 7% growth in U.S. companies during latest trade roadshow to New York and Miami
DMCC is now home to over 700 U.S. companies – representing over 45% of American businesses operating in the UAE 150 American business leaders briefed across three roadshows in New York, Brooklyn and Miami to showcase opportunities for American companies to set up and grow in Dubai Dubai, UAE: DMCC, the leading international business district that drives the flow of global trade through Dubai, has announced a 7% rise in U.S. companies joining its international business district in the past 12 months. Now home to over 45% of the estimated 1,500 American companies in the UAE, DMCC has reaffirmed its position as the go-to trade hub in Dubai for U.S. firms seeking to scale into the world's fastest-growing markets. The strong growth in American businesses reflects the wider trade momentum following U.S. President Donald Trump's landmark visit to the UAE in May, during which a series of strategic deals worth USD 200 billion were signed across key sectors including AI, energy, defence and aviation. These agreements – signalling a new chapter in UAE-U.S. economic cooperation – have further elevated the commercial opportunity on offer for American enterprises in the region. Capitalising on this momentum, DMCC concluded its latest Made For Trade Live series across New York City, Brooklyn, and Miami. The trio of high-impact events convened 150 business leaders from across critical sectors including technology, financial services, commodities and advanced manufacturing – as DMCC accelerates its drive to attract the next wave of American companies and investment to Dubai. Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: 'President Trump's recent visit to the UAE – part of the first official foreign visit of his second term – marks a new chapter in economic collaboration between the UAE and United States. With bilateral trade reaching USD 34.4 billion in 2024, there is significant trade and investment momentum as well as appetite among American businesses to set up in Dubai and tap into global markets. We have witnessed this first hand with strong multi-year growth of U.S. companies joining our district, including a rise of 7% in the past 12 months, meaning DMCC continues to be the trade hub of choice for over 45% of the total American business presence in the UAE – a position we will aim to grow and consolidate as we enhance the value proposition across our dedicated ecosystems in commodities, services and advanced technologies.' DMCC's record as an international business district continues to drive its appeal. With almost 26,000 companies now operating across its district – including over 700 from the US – DMCC contributes 15% of Dubai's annual foreign direct investment inflows and 7% of the Emirate's GDP. Through initiatives like Made For Trade Live, DMCC continues to position Dubai as a prime destination for business, connecting international firms to a global network of opportunity across the Middle East, Asia, Africa and beyond.
