Trump Tower in New York. This is a file photo unrelated to the article. EPA Yonhap News.
The Trump Organization, the family business of U.S. President Donald Trump, will build a luxury resort in the Maldives with a Saudi Arabian partner, the Financial Times (FT) reported on the 17th (local time).
The Trump Organization and its Saudi partner, Dar Global, announced on the same day that they plan to develop an 80-villa resort near Male, the capital of the Maldives.
This plan comes just one day before Saudi Arabia's de facto ruler, Crown Prince Mohammed bin Salman, meets with President Trump in Washington, the FT noted.
Crown Prince bin Salman, visiting the U.S. for the first time in seven years, is scheduled to meet with President Trump at the White House on the 18th.
Saudi Arabia, which has been seeking to strengthen its defense capabilities and pursue an "oil-free economy," is leveraging the long-standing bilateral ties and its friendly relationship with President Trump to pursue arms and artificial intelligence (AI) deals and defense agreements, the FT reported.
President Trump also announced on the same day his intention to sell F-35 fighter jets to Saudi Arabia.
President Trump and Crown Prince bin Salman. AFP Yonhap News.
The Trump Organization, in partnership with Dar Global, has undertaken development projects in the Middle East, including Trump Towers in Jeddah and Dubai, and hotels and golf courses in Qatar and Oman. Dar Global, the overseas arm of Saudi developer Dar Al Arkan, pays royalty fees to the Trump Organization for the use of the Trump brand, the FT reported.
The Trump Organization and Dar Global plan to attract investment for the Maldives resort development project using blockchain technology.
Eric Trump, the second son of President Trump and executive vice president of The Trump Organization, stated that this financing model will "set a new standard for real estate investment innovation through tokenization." The two companies have not provided specific details about the tokenization method, the FT reported.
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