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Daily News Egypt
4 days ago
- Business
- Daily News Egypt
Echoes of Trump's Gulf Tour in Washington
Donald Trump's recent tour of Saudi Arabia, the United Arab Emirates, and Qatar was, by all accounts, a resounding success. In less than 72 hours, the US president secured deals worth nearly $4trn, while the Gulf states saw in these agreements an opportunity for economic and security partnerships they have long sought—strategic imperatives tied to their national survival and continuity. On the surface, it was a mutually beneficial enterprise. However, across the Atlantic, skepticism abounds. In Washington, many observers perceive Trump's Gulf deals as rife with conflicts of interest and ethical ambiguities. During his return flight aboard Air Force One, the US president conspicuously sidestepped questions from journalists about the legal and moral implications of his family's business dealings in the region. When asked about a $2bn cryptocurrency deal reportedly struck by a UAE-based company with a Trump-affiliated firm, he disclaimed knowledge: 'I really don't know anything about it,' he insisted, before reiterating his enthusiasm for cryptocurrency and warning that, should the US fail to lead in crypto and AI, China inevitably will. Further controversy surrounds the proposed 'LIV Golf' resort project—heavily financed by Saudi Arabia and linked to Trump—which reportedly featured prominently in his private discussions with Crown Prince Mohammed bin Salman. And this was merely one among a slew of deals inked during the visit, involving Trump family ventures in Saudi Arabia, Qatar, the UAE, and Oman. These included the Trump International Hotel and Tower in Dubai, a Doha golf resort in partnership with Qatar's sovereign wealth fund, Trump Tower Jeddah, a hotel under construction in Muscat, and a partnership with Saudi-based Dar Global. These lucrative ventures bearing the Trump name have fueled political uproar in Washington—not only among Trump's Democratic opponents but even within Republican circles. Critics note that the US president never formally divested from the Trump Organization and continues to profit from its business dealings well into his political comeback, actively promoting these ventures despite officially transferring management to his family before reentering office. This tangled web of personal gain and public duty has eroded voter trust. As US media outlets increasingly question whether Trump prioritizes national interests or personal enrichment in shaping foreign policy, White House Press Secretary Karoline Leavitt felt compelled to declare that any gifts from foreign governments were being handled 'in full compliance with all applicable laws' and that the administration remained committed to complete transparency. Trump's strategic embrace of the Middle East is no secret. The region provides fertile ground for the US president's ambitions to recast himself as both a global peace broker and a champion of open business and diplomacy. In this context, it was hardly surprising that, during his Riyadh visit, he unveiled plans to lift US sanctions on Syria and extended an olive branch to Iran, offering 'a new and hopeful path' toward a better future. While visiting Qatar, he publicly praised the warming ties between Doha and Riyadh and lavished compliments on his Qatari host: 'We just came from Saudi Arabia, where we have another great friend. You guys get along beautifully, and you remind me of each other—both tall, handsome, and very smart.' Such sentiments marked a striking pivot from Trump's first term, when he had singled out Qatar as a chief sponsor of terrorism. Nor was it surprising that he defended Qatar's controversial gift of a private jet—a Boeing 747 worth over $1bn, twice the aircraft's publicly stated value—hailing it as a 'magnificent gesture' and suggesting it would be foolish to refuse. Trump insisted the plane would eventually be donated to his presidential library foundation upon leaving office. Democrats swiftly seized on the growing scandal. The Democratic National Committee announced plans to fly a banner reading 'Qatar-a-Lago' over Trump's Mar-a-Lago estate, while some Republican allies voiced unease. Senator Ron Johnson of Wisconsin labeled the aircraft gift 'a bizarre gesture,' and Senator Ted Cruz of Texas warned it could raise serious espionage and surveillance concerns. Now, that very jet may serve as grounds for congressional action against Trump. The spark came at a White House press conference when Trump expelled an NBC journalist for broaching the topic. Lawmakers are now examining legislative amendments to block the jet's entry into the United States, potentially risking political fractures within the Republican Party while arming Democrats with a potent line of attack ahead of a turbulent midterm season. Senate Minority Leader Chuck Schumer unveiled draft legislation to prohibit the use of any foreign aircraft for presidential transport, framing Trump's scheme as a national security hazard laced with corruption allegations. The bill would prevent the Pentagon from allocating any federal funds to acquire, modify, or maintain such an aircraft for presidential use. According to NBC News, the plane's true value exceeds $1bn, far surpassing the declared figure and threatening to burden American taxpayers. Senator Rand Paul voiced concern that the Qatar jet risked overshadowing what had otherwise been a diplomatically fruitful Middle East tour. Trump, meanwhile, took to his Truth Social platform to accuse 'crooked Democrats' of being incensed by what he called a transparent and public gift to the Defense Department intended to replace the aging 40-year-old presidential aircraft. Ultimately, Trump's Gulf visit revealed how thoroughly the lines between public office and private business interests have blurred. US media outlets are now delving deeper into these murky intersections, with further revelations likely to follow. Dr. Hatem Sadek – Professor at Helwan University
Int'l Business Times
09-05-2025
- Business
- Int'l Business Times
White House Insists Trump Has 'Lost Money' Since Being President Despite 'Corruption' Accusations: 'He Left a Life of Luxury'
White House Press Secretary Karoline Leavitt insisted President Donald Trump has "lost money" since beginning his second term despite a report revealing he and his family have allegedly generated $2.9 billion in cryptocurrency earnings. Leavitt defended the White House's ethics on Friday after a reporter asked whether he plans to visit any of his businesses during his upcoming trip to the Middle East. Just over the past two weeks, Donald Trump Jr. and Eric Trump have inked new ventures involving billions of dollars, including a $1 billion, 80-story Trump International Hotel and Tower in Dubai, which will sells units that cost up to $20 million, The New York Times reported. "Not to my knowledge, and let me just get to the premise of your question that both of you have raised," Leavitt responded in a clip circulating on X. "I think it's frankly ridiculous that anyone in this room would even suggest that President Trump is doing anything for his own benefit." "He left a life of luxury and a life of running a very successful real estate empire for public service, not just once but twice," Leavitt continued, adding that he was voted back into the White House because Americans "trust he acts in the best interest of our country and putting the American public first." "This is a president who has actually lost money for being president of the United States," Leavitt claimed. "I don't remember these same types of questions being asked of my predecessor about a career politician who was clearly profiting off of this office. That is not what President Trump does and this White House holds ourselves to the highest of ethical standards," she added. Although Leavitt claimed that the president has lost money, a report from State Democracy Defenders Action, a nonpartisan lobbying and advocacy organization, found that the Trump family has profited $2.9 billion from cryptocurrency during the past six months alone. Trump's cryptocurrency empire is expected to expand further after his cryptocurrency company, World Liberty Financial, announced an Abu Dhabi-backed firm will invest $2 billion in the company in 2025. President Trump and his sons hold a 60% ownership stake in World Liberty Financial and will receive 75% of net revenue from future token sales, according to CBS News. Meanwhile, from within the White House, Trump has continued to champion cryptocurrency. In March, he signed an executive order establishing a "Crypto Strategic Reserve" as part of his effort to position the U.S. as the "crypto capital of the world." Originally published on Latin Times
New York Times
30-04-2025
- Business
- New York Times
Thursday Briefing: Anger Is Building in India
A backlash in India as tensions with Pakistan soar Public anger has swelled in India after last week's attack in Kashmir in which 26 people — all but one of them Hindu tourists — were killed by militants. Thousands of Muslims have been detained and their homes demolished in a growing backlash. India appeared to be preparing to strike Pakistan, with Prime Minister Narendra Modi vowing to hunt down the militants and 'raze' their safe havens. A Pakistani minister said on Tuesday that Pakistan believed an Indian strike was imminent. India has said that Pakistan had a supporting hand in the attack, an accusation that Pakistan denies. The killings of Muslims were reported in two states, Uttar Pradesh and Karnataka, with media reports suggesting they were hate crimes. Inside Kashmir, security forces have arrested hundreds and have blown up the homes of people they have accused of having terrorist affiliations. Background: The backlash was targeted at Kashmiris and soon spread to a wider anti-Muslim sentiment. That, analysts said, has furthered a demonization of Muslims that Modi's party has long used to unite India's Hindu majority. Related: More than 80,000 Afghans have been expelled from Pakistan since March 31. Many Afghan migrants have Pakistani spouses and have lived in the country for years. Nevertheless, the government says they must leave. Trump family clinched a real estate deal in Qatar and Dubai The Trump Organization has agreed to a deal for real estate developments in Qatar and the United Arab Emirates ahead of President Trump's visit to the Gulf region this month. The Trump family business is partnering with a Qatari government-owned firm to back a golf course and luxury home project in the country. A new 80-story Trump International Hotel and Tower will be built in Dubai. Eric Trump, the president's son, who was in Dubai this week to promote the real estate developments, told The Times that the golf course would be 'beautiful' and 'right on the ocean.' The president will visit Saudi Arabia, Qatar and the Emirates, beginning May 13. More on Trump Israel's military intervened in Syrian sectarian violence Israel launched airstrikes on Syria yesterday and threatened to strike government forces if clashes persisted between pro-government fighters and militiamen from the Druse minority. The Israeli military said its aircraft had struck a group of 'operatives' accused of having 'attacked Druse civilians' south of Damascus. At least 39 people — including 22 yesterday — have been killed in two days of clashes on the outskirts of Damascus, according to a war-monitoring group. A small cafe-bar in western France recently had a surprising visitor: the president of the Republic. Emmanuel Macron has taken to dropping in on random bars, without an entourage or press, to schmooze with patrons and hear their day-to-day concerns. 'He did not come to scratch!' a bar owner said, alluding to betting games he offers on scratch cards. 'He came to chat.' Lives lived: Jane Gardam, whose fiction captured both working-class and aristocratic Britain in the last years of the colonial era, died at 96. Read your way back in time The beauty of books can be their ability to transport readers to faraway places and cultures. Our critic picked four new works of historical fiction that whisk readers to Europe, Gilded Age New York and elsewhere. An intimate train car speeding through France is filled with tension in 'The Paris Express.' Working-class residents of Vienna are stuck in the shadow of war in 'The Café With No Name.' See what else got our critic's attention. Cook: Made with French lentils, this is a hearty anytime salad. Watch: Check out this month's pick of great documentaries. Protect: Here's how to secure your phone's data before traveling abroad. Manage: Tinnitus is no fun. But there are ways to make it easier. Travel: We asked artists, designers and chefs where to stay, eat, shop and go in Japan. Play: Spelling Bee, the Mini Crossword, Wordle and Sudoku. Find all our games here. That's it for today. See you tomorrow. — Emmett P.S. On Day 3 of our poetry challenge, we take in the sights and sensations of New York City. We welcome your feedback. Send us your suggestions at briefing@
Gulf News
29-04-2025
- Business
- Gulf News
Trump Tower launches in Dubai, penthouses from Dh70 million
Dubai: The Trump International Hotel and Tower has landed in Dubai, with four-bedroom penthouses priced upwards of Dh70 million. The project – at the entrance of Downtown Dubai and along Sheikh Zayed Road – marks its formal launch ahead of US President Donald Trump's visit to the UAE and Saudi Arabia in May. The Trump Tower Dubai follows the recent launch of one in Jeddah. It also marks the extension of the Trump Organization's alliance with Dar Global, the luxury-focused developer. The two also have a golf community themed project in Oman. 'We are honored to partner once again with Dar Global on this landmark development, bringing unparalleled quality and world-class amenities to Dubai's luxury market,' said Eric Trump, Executive Vice-President of The Trump Organization. 'Dubai is a global destination that shares our vision for iconic development, and we're proud to expand the Trump brand in one of the most dynamic cities on earth." The land was bought late last year, with Dar Global and a team from Trump Organization working closely on getting all the facets right. Japan's famed architectural firm Nikken Sekkei will provide the design. First Trump hotel in UAE "This is gonna be a brave project,' said Ziad El Chaar, CEO of Dar Global. "It will also mark the first ever entry of the Trump super-luxury hotel brand into the UAE, with the first 18 floors going to the hotel." So, hotel takes up 18 floors out of the 80, two will be dedicated to a members' only club bearing the Trump brand, and then come the residential floors. According to El Chaar, "Because of the three components - hotel, club and residences - and complexity of the project, we will need around 4 years to build. And we are taking an additional year as back up." That would mean a delivery date in 2031. Conservative estimates about the gross development cost of the project is pegged at the $1 billion mark. (The Trump Tower Jeddah's design is by Gensler Architects.) For the Trump Organization, the launch is also about correcting a bit of history. Ahead of the 2008-09 Global Financial Crisis, there was a plan to create a Trump Tower on the Palm Jumeirah.
Yahoo
11-03-2025
- Business
- Yahoo
Trump's 'The Apprentice' reality show begins streaming on Amazon
The Brief "The Apprentice," the long-running reality TV show that helped propel Donald Trump to national stardom, is now streaming on Amazon's Prime Video. The first season premiered on March 10, and subsequent seasons will become available weekly. It's the latest indication that Amazon is attempting to strengthen its relationship with Trump, which was testy during his first term. NEW YORK - "The Apprentice," the long-running reality TV show that boosted Donald Trump's profile and popularized the catchphrase, "you're fired," is streaming on Amazon's Prime Video. The show's first seven seasons will be available on Amazon's streaming platform, the company said on Monday. The first season premiered on March 10, and subsequent seasons will become available weekly. The backstory "The Apprentice" debuted in 2004 on NBC and spawned a spinoff, "Celebrity Apprentice." It featured contestants taking part in various challenges for a $250,000 salary and a job with The Trump Organization. It ran for a total of 15 seasons, with Trump serving as the show's host for the first 14 seasons, and propelled Trump to national stardom following a string of bankruptcies and bad business deals in the 1990s that had splintered his New York-based real estate empire. The series showcased Trump's business acumen and was a major hit – launching Trump's name into a global brand that helped kick off his political career. Trump announced his bid for president in 2015 and was elected as the 45th president the next year. What we know Bill Rancic won the first season of 'The Apprentice' in 2004, being hired by the Trump Organization for a one-year contract to take charge of the construction of the Trump International Hotel and Tower in his hometown of Chicago, according to E! News. He went on to fill in as a judge on future seasons of the show, and married E! News host Giuliana Rancic. What they're saying For this part, the president expressed enthusiasm for the news on Truth Social and in a statement included in Amazon's statement. "I look forward to watching this show myself — such great memories, and so much fun, but most importantly, it was a learning experience for all of us!" Trump said in Amazon's release. Dig deeper Prime Video acquired MGM, which owned the rights to The Apprentice, in March 2022 for $8.5 billion, according to Deadline. Mark Burnett, who created the format and was an executive producer with Trump on the show, was named as Trump's pick for special envoy to the United Kingdom. Big picture view Amazon's decision to stream "The Apprentice" is the latest indication the company is attempting to strengthen its relationship with Trump, which was testy during his first term. In January, Amazon said it would release a new documentary about first lady Melania Trump, promising an "unprecedented behind-the-scenes look" at her life. Weeks before the November election, Amazon founder Jeff Bezos announced that The Washington Post, which he owns, would not endorse a presidential candidate, sparking a wave of resignations and thousands of subscription cancellations. On Monday, a columnist who has worked at the Post for four decades resigned after she said the newspaper's management decided not to run her commentary critical of Bezos' new editorial policy. The policy, announced last month, narrows the topics covered by the paper's opinion section to personal liberties and the free market. In December, Amazon said it would donate $1 million to Trump's inauguration fund. The company also streamed the inauguration on its Prime Video service, a separate in-kind donation worth another $1 million, and Bezos was among the top tech billionaires who attended Trump's inauguration celebrations. The Source This story was written based on information shared by Amazon Prime, President Donald Trump, and Deadline. It was reported from Cincinnati, and the Associated Press contributed.
