Trump's $1 billion Dubai Tower project to accept crypto payments


Fareed Rahman
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Dubai is one of the hottest property markets in the world, according to Eric Trump, executive vice president of the Trump Organisation.

The organisation, in partnership with London-listed Dar Global, has unveiled the Trump International Hotel and Tower, a $1 billion development in Dubai. It will have a Trump-branded hotel, residential units and a clubhouse.

The development will have two penthouses costing Dh75 million ($20.4 million) each, while a three to four-bedroom apartment will be sold for about Dh4 million to Dh5 million, according to the company's top executives.

Mr Trump said he would accept cryptocurrency for property purchases at the new project.

The Trump International Hotel and Tower in Dubai will have a Trump-branded hotel as well as residential units and a clubhouse. Photo: Dar Global
The Trump International Hotel and Tower in Dubai will have a Trump-branded hotel as well as residential units and a clubhouse. Photo: Dar Global

The project will emerge at the entrance of Downtown Dubai on Sheikh Zayed Road and will be completed in five years.

Dubai is “certainly one of the” hottest property markets in the world, “as evidenced by the amount of tower cranes and the kind of luxury projects being built”, Mr Trump told The National in an interview in the emirate on Tuesday.

“What's interesting is everybody's trying to redefine luxury, redefine kind of the highest pinnacle, and they're all succeeding,” he said.

Dubai has “become a destination for the entire world", he added.

"It's become such a safe haven for so many people, so many countries, so many people want to put money here," Mr Trump said. "So many people want to invest here, from all over the world, all over Europe, the Asian continent, all over Africa. Dubai has really become the epicentre.”

The influx of high-net-worth individuals has been boosting Dubai's property market, which has been benefiting from government initiatives such as residency permits for retired and remote workers, expansion of the 10-year golden visa programme and overall growth in the UAE’s economy on diversification efforts.

Dubai registered 111 sales of homes valued at more than $10 million in the first quarter of 2025, up 5.7 per cent on an annual basis, with a total value of $1.9 billion, Knight Frank said in a recent report on Tuesday.

Last year, the UAE saw the arrival of 7,200 millionaires, building on an influx of 4,700 in 2023 and 5,200 in 2022, Knight Frank said, quoting data from Henley & Partners. The total number of dollar millionaires in the UAE stood at 130,500 at the end of December, ranking the Emirates as the 14th-largest wealth market globally.

“Dubai's real estate market is going to continue to absolutely boom and we're going to set the kind of new standard in terms of price per square foot and luxury in the market,” Mr Trump said.

The Trump Organisation, with a portfolio of real estate developments comprising resorts, hotels, golf courses and residential properties in several countries, is not new to the region.

The company has a presence in Dubai as part of a partnership with developer Damac for two golf developments in its Akoya project.

It has also teamed up with Dar Global for the development of a resort that will include villas, a hotel and golf course in Muscat as well as a two billion Saudi riyals ($533 million) residential development in Jeddah that was unveiled in December.

The company is also working with the Saudi developer on two more residential projects in Riyadh.

The Trump International Hotel and Tower will accept cryptocurrencies from buyers to purchase property, Mr Trump said.

Both Mr Trump and his father, the US President, are huge supporters of cryptocurrencies.

The new Trump tower will be located in Downtown Dubai on Sheikh Zayed Road and will be completed in five years. Photo: Dar Global
The new Trump tower will be located in Downtown Dubai on Sheikh Zayed Road and will be completed in five years. Photo: Dar Global

The project “is going to be the first truly large-scale project that accepts Bitcoin, that accepts cryptocurrency to purchase units, and that's really exciting for me, because I love that world and I am deeply invested in that world”, he added.

“I believe in cryptocurrency. It's the financial mechanism of the future … it’s still in its infancy, but the growth has been explosive,” he said. Real estate and cryptocurrencies are “credible hedges for one another” and “when I can see two worlds that I truly love come together, it's very exciting”.

More people from the US are expected to invest in property in Dubai as “Americans are trying to learn what the Middle East is, better than ever before”, Mr Trump said.

“The Middle East for so many Americans was always fairly misunderstood, and now you can't go anywhere without hearing somebody talk about Dubai or the experience they had and I think that's great.”

Dubai is a mix of global cities including Monaco, Las Vegas and New York with a “tax haven, entertainment and true financial power”, which is appealing to buyers, he added.

The company will also be looking to launch more projects in the region as the economies continue to grow, Mr Trump said.

“It certainly won't be our last project. We've got the greatest partners in the world in Dar Global.”

The Trump tower will have two penthouses costing Dh75 million each. Photo: Dar Global
The Trump tower will have two penthouses costing Dh75 million each. Photo: Dar Global

US President Donald Trump's tariffs will have a minimum impact on the Gulf region, according to him. “The Gulf's service-based economy and lack of significant manufacturing make it less vulnerable to tariffs,” he said.

The Gulf region was levied with 10 per cent tariffs by the US administration earlier this month, much lower than other Middle East countries such as Tunisia, Jordan, Syria and Iraq.

The Trump International Hotel and Tower will be funded through a mix of bank borrowing, the company's own equity, cash and collections from investors, Ziad El Chaar, Dar Global's chief executive, said.

“We have approximately half a billion dollars of equity in the company, and we finished the year with a good cash position, close to $160 million,” Mr El Chaar said.

“We will also work with the local banks to fund mainly the construction of the hotel and the club.”

Dar Global, the international property development unit of Saudi Arabia's Dar Al Arkan, has a property portfolio worth $10 billion with projects in countries including the UAE, Oman, Saudi Arabia, the UK and Spain.

The company is also looking at developing projects in Athens, Greece, and some parts of the US.

“The common denominator of all these cities is that they are diversified. Each city attracts a big number of nationalities. Thereby, the investment is always more secure, more stable,” Mr El Chaar added.

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

The years Ramadan fell in May

1987

1954

1921

1888

UAE currency: the story behind the money in your pockets
The Energy Research Centre

Founded 50 years ago as a nuclear research institute, scientists at the centre believed nuclear would be the “solution for everything”.
Although they still do, they discovered in 1955 that the Netherlands had a lot of natural gas. “We still had the idea that, by 2000, it would all be nuclear,” said Harm Jeeninga, director of business and programme development at the centre.
"In the 1990s, we found out about global warming so we focused on energy savings and tackling the greenhouse gas effect.”
The energy centre’s research focuses on biomass, energy efficiency, the environment, wind and solar, as well as energy engineering and socio-economic research.

Barings Bank

 Barings, one of Britain’s oldest investment banks, was
founded in 1762 and operated for 233 years before it went bust after a trading
scandal. 

Barings Bank collapsed in February 1995 following colossal
losses caused by rogue trader Nick Lesson. 

Leeson gambled more than $1 billion in speculative trades,
wiping out the venerable merchant bank’s cash reserves.  

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RESULTS
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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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Bulletproof coffee

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Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

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Transmission: 10-speed auto

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BEST FILM

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OUTSTANDING BRITISH FILM

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SUPPORTING ACTOR

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SUPPORTING ACTRESS

  • LAURA DERN - Marriage Story
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ADAPTED SCREENPLAY

  • THE IRISHMAN - Steven Zaillian
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ORIGINAL SCREENPLAY

  • BOOKSMART - Susanna Fogel, Emily Halpern, Sarah Haskins, Katie Silberman
  • KNIVES OUT - Rian Johnson
  • MARRIAGE STORY - Noah Baumbach
  • ONCE UPON A TIME… IN HOLLYWOOD - Quentin Tarantino
  • PARASITE - Han Jin Won, Bong Joon ho

DOCUMENTARY

  • AMERICAN FACTORY - Steven Bognar, Julia Reichert
  • APOLLO 11 - Todd Douglas Miller
  • DIEGO MARADONA - Asif Kapadia
  • FOR SAMA - Waad al-Kateab, Edward Watts
  • THE GREAT HACK - Karim Amer, Jehane Noujaime

OUTSTANDING DEBUT BY A BRITISH WRITER, DIRECTOR OR PRODUCER

  • BAIT - Mark Jenkin (Writer/Director), Kate Byers, Linn Waite (Producers)
  • FOR SAMA - Waad al-Kateab (Director/Producer), Edward Watts (Director)
  • MAIDEN - Alex Holmes (Director)
  • ONLY YOU - Harry Wootliff (Writer/Director)
  • RETABLO - Álvaro Delgado-Aparicio (Writer/Director)

ANIMATED FILM

  • FROZEN 2 - Chris Buck, Jennifer Lee, Peter Del Vecho
  • KLAUS - Sergio Pablos, Jinko Gotoh
  • A SHAUN THE SHEEP MOVIE: FARMAGEDDON - Will Becher, Richard Phelan, Paul Kewley
  • TOY STORY 4 - Josh Cooley, Mark Nielsen

CASTING

  • JOKER - Shayna Markowitz
  • MARRIAGE STORY - Douglas Aibel, Francine Maisler
  • ONCE UPON A TIME… IN HOLLYWOOD - Victoria Thomas
  • THE PERSONAL HISTORY OF DAVID COPPERFIELD - Sarah Crowe
  • THE TWO POPES - Nina Gold

EE RISING STAR AWARD (voted for by the public)

  • AWKWAFINA
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  • MICHEAL WARD

CINEMATOGRAPHY

  • 1917 - Roger Deakins
  • THE IRISHMAN - Rodrigo Prieto
  • JOKER - Lawrence Sher
  • LE MANS ’66 - Phedon Papamichael
  • THE LIGHTHOUSE - Jarin Blaschke

EDITING

  • THE IRISHMAN - Thelma Schoonmaker
  • JOJO RABBIT - Tom Eagles
  • JOKER - Jeff Groth
  • LE MANS ’66 - Andrew Buckland, Michael McCusker
  • ONCE UPON A TIME… IN HOLLYWOOD - Fred Raskin

COSTUME DESIGN

  • THE IRISHMAN - Christopher Peterson, Sandy Powell
  • JOJO RABBIT - Mayes C. Rubeo
  • JUDY - Jany Temime
  • LITTLE WOMEN - Jacqueline Durran
  • ONCE UPON A TIME… IN HOLLYWOOD - Arianne Phillips

PRODUCTION DESIGN

  • 1917 - Dennis Gassner, Lee Sandales
  • THE IRISHMAN - Bob Shaw, Regina Graves
  • JOJO RABBIT - Ra Vincent, Nora Sopková
  • JOKER - Mark Friedberg, Kris Moran
  • ONCE UPON A TIME… IN HOLLYWOOD - Barbara Ling, Nancy Haigh

SOUND

  • 1917 - Scott Millan, Oliver Tarney, Rachael Tate, Mark Taylor, Stuart Wilson
  • JOKER - Tod Maitland, Alan Robert Murray, Tom Ozanich, Dean Zupancic
  • LE MANS ’66 - David Giammarco, Paul Massey, Steven A. Morrow, Donald Sylvester
  • ROCKETMAN - Matthew Collinge, John Hayes, Mike Prestwood Smith, Danny Sheehan
  • STAR WARS: THE RISE OF SKYWALKER - David Acord, Andy Nelson, Christopher Scarabosio, Stuart Wilson, Matthew Wood

ORIGINAL SCORE

  • 1917 - Thomas Newman
  • JOJO RABBIT - Michael Giacchino
  • JOKER - Hildur Guđnadóttir
  • LITTLE WOMEN - Alexandre Desplat
  • STAR WARS: THE RISE OF SKYWALKER - John Williams

SPECIAL VISUAL EFFECTS

  • 1917 - Greg Butler, Guillaume Rocheron, Dominic Tuohy
  • AVENGERS: ENDGAME - Dan Deleeuw, Dan Sudick
  • THE IRISHMAN - Leandro Estebecorena, Stephane Grabli, Pablo Helman
  • THE LION KING - Andrew R. Jones, Robert Legato, Elliot Newman, Adam Valdez
  • STAR WARS: THE RISE OF SKYWALKER - Roger Guyett, Paul Kavanagh, Neal Scanlan, Dominic Tuohy

MAKE UP & HAIR

  • 1917 - Naomi Donne
  • BOMBSHELL - Vivian Baker, Kazu Hiro, Anne Morgan
  • JOKER - Kay Georgiou, Nicki Ledermann
  • JUDY - Jeremy Woodhead
  • ROCKETMAN - Lizzie Yianni Georgiou

BRITISH SHORT FILM

  • AZAAR - Myriam Raja, Nathanael Baring
  • GOLDFISH - Hector Dockrill, Harri Kamalanathan, Benedict Turnbull, Laura Dockrill
  • KAMALI - Sasha Rainbow, Rosalind Croad
  • LEARNING TO SKATEBOARD IN A WARZONE (IF YOU’RE A GIRL) - Carol Dysinger, Elena Andreicheva
  • THE TRAP - Lena Headey, Anthony Fitzgerald

BRITISH SHORT ANIMATION

  • GRANDAD WAS A ROMANTIC - Maryam Mohajer
  • IN HER BOOTS - Kathrin Steinbacher
  • THE MAGIC BOAT  - Naaman Azh
The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

Tonight's Chat on The National

Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.

Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

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Uefa Champions League, Group B
Barcelona v Inter Milan
Camp Nou, Barcelona
Wednesday, 11pm (UAE)

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

The years Ramadan fell in May

1987

1954

1921

1888

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

Profile box

Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

Race 3

Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

COMPANY%20PROFILE
%3Cp%3EFounder%3A%20Hani%20Abu%20Ghazaleh%3Cbr%3EBased%3A%20Abu%20Dhabi%2C%20with%20an%20office%20in%20Montreal%3Cbr%3EFounded%3A%202018%3Cbr%3ESector%3A%20Virtual%20Reality%3Cbr%3EInvestment%20raised%3A%20%241.2%20million%2C%20and%20nearing%20close%20of%20%245%20million%20new%20funding%20round%3Cbr%3ENumber%20of%20employees%3A%2012%3C%2Fp%3E%0A

TV (UAE time);

OSN Sports: from 10am

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UAE currency: the story behind the money in your pockets
The specs

Engine: 1.5-litre 4-cyl turbo

Power: 194hp at 5,600rpm

Torque: 275Nm from 2,000-4,000rpm

Transmission: 6-speed auto

Price: from Dh155,000

On sale: now

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

Updated: May 01, 2025, 9:55 AM`