Dubai is one of the hottest property markets in the world, according to <a href="https://www.thenationalnews.com/business/property/2024/12/12/trump-organisation-aims-to-expand-in-saudi-arabia-after-starting-533m-jeddah-tower/" target="_blank" rel="" title="https://www.thenationalnews.com/business/property/2024/12/12/trump-organisation-aims-to-expand-in-saudi-arabia-after-starting-533m-jeddah-tower/">Eric Trump, executive vice president of the Trump Organisation</a>. 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 <a href="https://www.thenationalnews.com/business/property/2025/03/19/dubai-property-uae-real-estate/" target="_blank" rel="" title="https://www.thenationalnews.com/business/property/2025/03/19/dubai-property-uae-real-estate/">cryptocurrency</a> for property purchases at the new project. 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 <i>The National</i> 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 <a href="https://www.thenationalnews.com/business/money/2025/04/14/dubai-abu-dhabi-millionaires-relocate/" target="_blank" rel="" title="https://www.thenationalnews.com/business/money/2025/04/14/dubai-abu-dhabi-millionaires-relocate/">high-net-worth individuals</a> 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. <a href="https://www.thenationalnews.com/business/2025/02/03/dubai-10m-homes/" target="_blank" rel="" title="https://www.thenationalnews.com/business/2025/02/03/dubai-10m-homes/">Dubai registered</a> 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, <a href="https://www.thenationalnews.com/business/property/2025/03/06/dubai-villa-prices-rise-to-more-than-dh2000-per-square-foot/" target="_blank" rel="" title="https://www.thenationalnews.com/business/property/2025/03/06/dubai-villa-prices-rise-to-more-than-dh2000-per-square-foot/">Knight Frank </a>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 <a href="https://www.thenationalnews.com/business/property/glitzy-focused-dubai-developer-to-move-into-luxury-resorts-business-1.940533" target="_blank" rel="">Damac</a> 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 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.” 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.
