Latest news with #QatariDiar
Bloomberg
21-05-2025
- Business
- Bloomberg
Property Powerhouses on Growth, Demand & What's Next
H.E. Abdullah bin Hamad bin Abdullah Al-Attiya, Minister of Municipality, State of Qatar & Chairman, Qatari Diar Real Estate Investment Company; Jeff T. Blau, CEO, Related Companies; and Chee Koon Lee, Group CEO, CapitaLand Investment Ltd. discuss global real estate horizons and how the sector is adapting to shifting demand and new growth opportunities with Bloomberg's Jennifer Zabasajja at the 2025 Qatar Economic Forum, Powered by Bloomberg. (Source: Bloomberg)
Yahoo
16-05-2025
- Business
- Yahoo
Breaking down the Trump Organization's Qatar golf course deal
In May 2025, as U.S. President Donald Trump traveled to Saudi Arabia, Qatar and the United Arab Emirates as part of a Middle East trip, a claim circulated online that the Trump Organization was building a golf course in Qatar. For example, one X user wrote (archived): "The Trump Organization will build a luxury golf resort in Qatar, its first project there since Trump returned to the White House. The deal includes beachside villas and an 18-hole course. Qatar, really?" The rumor gained prominence on the back of reports that Qatar would give the Trump administration a Boeing 747-8 jet for use as Air Force One. Other examples of the claim appeared elsewhere on X (archived) and on Facebook (archived), Threads (archived), Bluesky (archived) and Reddit (archived). Readers also searched our site for information about the rumor. It is true that the Trump Organization partnered with Saudi Arabian and Qatari real estate development companies (archived) DarGlobal and Qatari Diar to build a Trump-branded golf club and luxury villas near Doha, Qatar. According to a company news release, DarGlobal would "develop" the golf course to be part of a larger site managed by Qatari Diar, which is funded by the Qatari government and led by a government minister. It was unclear exactly how involved the Trump Organization would be with construction. A Trump Organization spokesperson told The Associated Press that the company's deal was with the Saudi business, DarGlobal, not Qatari Diar. If the deal involved Qatari Diar it would likely face more scrutiny than one with DarGlobal because it could break a January 2025 commitment by the Trump Organization not to enter deals with foreign governments while Trump was in office. Snopes reached out to the Trump Organization, Qatari Diar and DarGlobal to ask about the relationship between the three companies regarding the Trump International Golf Club deal, who would carry out construction and whether the president participated in talks about the project. We await their replies. Some readers searching our site asked if it was the president himself who decided to build the golf course. It was unclear whether Trump had any influence over his company's decision to license a Trump golf club in Qatar. The president's assets in the Trump Organization are held in the Donald J. Trump Revocable Trust, which is overseen by his son Donald Trump Jr. Eric Trump and Donald Trump Jr. are both currently executive vice presidents of the Trump Organization after their father handed over the reins to the company in 2017. According to announcements by Qatari Diar and DarGlobal, Trump International Golf Club will consist of an 18-hole golf course, clubhouse and "branded villas." It will be part of the Simaisima Project, an 8 million-square-meter development on Qatar's eastern coast. The Qatari Ministry of Municipality launched the project in June 2024. Whether Trump might have influenced the Trump Organization's decision to license the Qatari golf course was difficult to ascertain given that it is not possible to fully know the president's relationship with the company. After Trump won his first presidential election in 2016, his lawyers reportedly said he would place his assets in a trust while in office and remove himself from the company's management. According to online news media outlet Politico, his legal team said he would have "no involvement whatsoever" in the businesses. A Trump Organization white paper released on Jan. 10, 2025, said that arrangement would remain active for Trump's second presidency. Donald Trump Jr. manages the trust, whose "settlor and sole beneficiary" is Donald Trump. The president would have "no involvement" in the management of the Trump Organization, according to the white paper, but he would have "limited access" to the company's financial information. It was unclear how these stipulations would be enforced, given that the company, in Trump's absence, is led by his sons. The white paper also promised "no new transactions with foreign governments." It was unclear how the Trump Organization's licensing deal, in which a Saudi developer would build a Trump-branded government on a site managed by the government-led and funded Qatari Diar real estate company, fits into this commitment. Some past presidents have sold their assets and formed a blind trust — a trust managed by a person other than the trustee who has complete discretion over trust management. With a blind trust, used by past presidents including Bill Clinton and George W. Bush, the assets held in the trust cannot become a conflict of interest for the trustee because they do not know what is in it or how it is being invested. A revocable trust, however, allows Trump as a settlor to change the terms of the trust or cancel it at any time. The revocable trust also means Trump still knows what assets he holds and how they might be affected by decisions he makes. Trump's lawyers dismissed the possibility of using a blind trust in 2017, saying it was not possible with an operating business. Snopes previously reported on claims that Trump called Qatar "funders of terrorism" in 2017 and that Pam Bondi used to lobby for Qatar in the U.S. About. Accessed 14 May 2025. About Us | QatariDiar. Accessed 14 May 2025. Christensen, Laerke. 'No Proof Trump Sold $2.3B in Truth Social Stock before April 2 Tariffs Announcement'. Snopes, 8 Apr. 2025, "DarGlobal Announces Development of Trump International Golf Club, Doha and Ultra-Luxury Beachfront Villas Within the Simaisima Community." DarGlobal, Accessed 14 May 2025. Dawsey , Josh, and Darren Samuelsohn. "Trump Drops 'No New Deals' Pledge." Politico, 11 Jan. 2017, "Defining a Blind Trust, How It Works, Examples." Investopedia, Accessed 14 May 2025. "Donald Trump Jr." The Trump Organization, Erb, Kelly Phillips. "What's A Blind Trust, Anyway, And Why Won't It Work For President-Elect Trump?" Forbes, Accessed 14 May 2025. "Eric Trump." The Trump Organization, "Minister of Municipality." Government Communications Office State of Qatar, "President Trump Resigns from Businesses, Leaves Sons, CFO in Charge." NBC News, 24 Jan. 2017, @qataridiar. "Qatari Diar Partners with DarGlobal to Launch a New Standard of Luxury Living with an 18-Hole Golf Course, Exclusive Clubhouse and Beachfront Villas." X, 1 May 2025, "Read the Trump Family's Ethics Agreement." New York Times, 10 Jan. 2025, "Revocable Trust Definition and How It Works." Investopedia, Accessed 14 May 2025. The Launch of Simaisma Project | QatariDiar. Accessed 14 May 2025.
Irish Independent
14-05-2025
- Business
- Irish Independent
Qatar gift of $400m jet highlights list of business links to Donald Trump and his cronies
Concerns and criticisms rise as president's sons negotiate deals with Middle Eastern country that will directly enrich the family fortunes The furore over Qatar possibly giving the US a $400m (€357m) Boeing jet for Donald Trump to use as a replacement for Air Force One has highlighted administration figures' thicket of concerning business connections to the country, as Trump prepares to visit the US ally during his Middle East tour this week. Last month, the Trump Organization, run by Trump's sons Eric and Donald Jr, announced a deal with developers Dar Global and Qatari Diar to build a Trump International Golf Club featuring 18 holes and a series of Trump-branded luxury villas within a larger government development.
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Business Standard
13-05-2025
- Business
- Business Standard
Trump is visiting 3 Gulf nations where his company just made new deals
US President Donald Trump is scheduled to land in Saudi Arabia on Tuesday, his first overseas diplomatic trip since beginning his second term, with stops planned in Qatar, Saudi Arabia, and the United Arab Emirates — all countries where his family's business interests are expanding. The Trump Organisation, managed by Trump's eldest sons, Eric Trump and Donald Trump Jr, has recently launched a series of new real estate ventures across the region. Two of these developments were announced just in the last few weeks. These additions will bolster the global footprint of the Trump brand, which already includes residential towers, hotels, and golf courses in North America, Europe, and Asia. Recently, however, the company appears to be placing a strategic emphasis on West Asia — a region characterised by its oil wealth and authoritarian governments. Though Trump no longer oversees the company directly, the overlap between his presidential role and the family's international business dealings has continued to raise questions about ethics and potential conflicts of interest throughout both of his terms. Here's a breakdown of the Trump Organisation's current real estate projects in the three countries on the president's itinerary: United Arab Emirates Last month, the Trump Organisation revealed plans for an 80-story Trump International Hotel & Tower in Dubai. The project is in collaboration with Dar Global, the international subsidiary of Saudi real estate developer Dar Al Arkan, which reportedly maintains close ties with the Saudi government, according to The New York Times. This will be the second Trump-branded property in the UAE, joining the Trump International Golf Club that opened in Dubai in 2017, just weeks after Trump's first inauguration. Qatar In April, the Trump Organisation announced its entry into the Qatari market with the Trump International Golf Club Simaisma, located near Doha. The project is being developed in partnership with Dar Global and Qatari Diar, a state-owned real estate firm. According to an official statement, Dar Global will own and develop the property, which will carry the Trump name under a licensing agreement. The $5.5 billion project will feature an 18-hole golf course, a club, and Trump-branded luxury villas, all situated along a four-mile coastal stretch, Business Insider reported. The involvement of Qatari Diar — an arm of the Qatari government — appears to raise questions about Trump's previous commitment to avoiding new business with foreign governments during his presidency. A spokesperson had earlier told the Associated Press the deal was solely with Dar Global, not directly with Qatari Diar. However, the official press release includes statements from both companies and directly names them in a quote from Eric Trump: 'We are incredibly proud to expand the Trump brand into Qatar through this exceptional collaboration with Qatari Diar and Dar Global.' Saudi Arabia The Trump Organisation has also ramped up its presence in Saudi Arabia. In 2024, it announced plans for a 47-story Trump Tower in Jeddah, again in partnership with Dar Global. Eric Trump shared a video of the design on X in December, captioning it, 'Incredibly proud to officially launch a project that has been underway for many months, Trump Tower - Jeddah!' Incredibly proud to officially launch a project that has been underway for many months, Trump Tower - Jeddah! Thank you to our partners @dar_global - This will be our 5th project together and among the most luxurious buildings anywhere in the world! — Eric Trump (@EricTrump) December 11, 2024 The beachside residential tower overlooking the Red Sea is expected to be completed by 2029, according to Dar Global. Two additional Trump-branded projects are also in the works in Riyadh. As with the other deals, the Trump Organisation will license its name to the properties, while ownership and operations will remain with Dar Global. As Trump prepares for his diplomatic visit, questions persist about the potential blending of presidential duties and private interests. During a White House press briefing on Friday, a reporter asked Press Secretary Karoline Leavitt whether Trump would engage in any personal business during the trip.
Yahoo
13-05-2025
- Business
- Yahoo
Trump's sons pushing business deals in Qatar amid country's rumored gift of $400m Air Force One replacement
The furor over Qatar possibly giving the U.S. a $400 million Boeing jet for Donald Trump to use as a replacement for Air Force One has highlighted administration figures' thicket of concerning business connections to the country, as Trump prepares to visit the U.S. ally during a Middle East tour this week. Last month, the Trump Organization, run by Trump's sons Eric and Donald Jr, announced a deal with developers Dar Global and Qatari Diar to build a Trump International Golf Club featuring 18 holes and a series of Trump-branded luxury villas within a larger government development. Elsewhere, state-backed funds from Qatar were part of a $6 billion funding round for Trump adviser Elon Musk's artificial intelligence company xAI, and a fund from Qatar is also invested in the private equity firm of Trump's son-in-law Jared Kushner. Attorney General Pam Bondi, meanwhile, once earned up to $115,000 per month lobbying for Qatar. The Trump family and the White House have defended the administration from criticisms that they are improperly mixing business and politics. White House spokeswoman Karoline Leavitt told The Wall Street Journal that it was 'ridiculous' to claim 'President Trump is doing anything for his own benefit.' She instead argued that the Republican was reelected because voters trust that 'he acts in the best interest of our country.' Amid mounting scrutiny of other Middle East-linked Trump deals, such as a United Arab Emirates state and royal family fund using $2 billion of crypto from Trump's World Liberty Financial to invest in a crypto exchange, Donald Trump Jr also pushed back. 'It's laughable that the left-wing media thinks that I should lock myself in a padded room while my father is president and cease doing what I've been doing for over 25 years to earn a living and provide for my five children,' Donald Trump Jr. said in a statement to The New York Times. The purported Air Force One replacement deal, which Qatar has insisted is still only under consideration, has attracted storms of criticism from Democrats as well as some conservatives. Many have pointed out Qatar's funding of Hamas – estimated at some $1.8 billion since 2007 – while Trump attacks university protesters supporting Gaza. MAGA activist Laura Loomer called the transfer a 'stain' on the administration, while conservative commentator Ben Shapiro said such a deal did not fit with Trump's promises to 'drain the swamp' of Washington corruption. A rising concern is Qatar's influence on Trump and conflicts of interest as his sons negotiate deals with Qatar that will directly enrich the Trump family fortunes. To guard against influence and bribery the Constitution's emoluments clause prohibits any government official from accepting gifts from 'any King, Prince or foreign State.' Sources told ABC News that lawyers for the White House counsel's office and the Department of Justice concluded it is legal for the Department of Defense to accept the aircraft as a gift and later turn it over to the Trump Presidential Library Foundation. They claim it does not violate bribery laws as it is not conditioned on any official act and is not being given to an individual, but rather to the Air Force and then the Trump library. It's not an opinion shared by many ethics experts. Richard Briffault, a Columbia Law School professor who specializes in government ethics, told NPR that the plane 'is not really a gift to the United States at all' if it's going to end up at Trump's presidential library. Trump's acceptance of the plane would constitute a personal gift and it would be a "pretty textbook case of a violation of the Emoluments Clause,' said Briffaut. He also noted that the point of a gift like the plane is to make the U.S. president feel beholden. Gifts are 'designed to create good feelings for the recipient and to get some kind of reciprocity," Briffault said. 'The thing that [Trump] can give [to Qatar], of course, is public policy — weapons deals or whatever. And then, of course, it's an incentive to other countries to give similar gifts as another way of influencing presidential decision-making." In addition, Trump's company and sons are already trying to increase their fortunes in the region. "Is America's best interest being served, or is it the best interests of the Trump Organization?" Jordan Libowitz of the nonprofit watchdog Citizens for Responsibility and Ethics in Washington asked NPR. The White House has said in the past that Trump's assets are held in trust – though clearly he is aware of what his own sons are doing on behalf of a company he owns and whose profits he will enjoy. Trump, for his part, has defended the reported aircraft gift that has been described as a 'flying palace' for its opulence. 'So the fact that the Defense Department is getting a GIFT, FREE OF CHARGE, of a 747 aircraft to replace the 40 year old Air Force One, temporarily, in a very public and transparent transaction, so bothers the Crooked Democrats that they insist we pay, TOP DOLLAR, for the plane,' he wrote on Truth Social on Sunday. 'Anybody can do that! The Dems are World Class Losers!!!'
