Dar Global Builds the $10 Billion Trump Saudi Sites

Dar Global awarded a SAR 338 million ($90 million) contract in June 2026 for roads and utilities at Rayana, its Trump-branded gated community in Diriyah. The London-listed developer, not the U.S. brand on the gate, is the party cutting earth and writing cheques.

Ziad El Chaar, Dar Global’s chief executive, put the combined value of the Riyadh and Jeddah launches at about $10 billion in January 2026. Eric Trump, executive vice president of the Trump Organization, said those two schemes should complete over four to five years.

Dar Global Is Pouring the Concrete

Dar Global PLC (LSE: DAR) is the international arm of Saudi developer Dar Al Arkan and listed in London on 28 February 2023. Its half-year results, published on 24 September 2026, show a company that sells branded homes and keeps construction risk on its own books.

Revenue for the six months ended 30 June 2026 was $258.0 million, up 66% from $155.4 million a year earlier. Gross profit was $87.7 million, EBITDA $46.3 million, and profit $30.4 million. Cumulative contracted sales reached about $3.9 billion across 4,380 units.

DAR GLOBAL AT 30 JUNE 2026

El Chaar called the first half a resilient showing and pointed to a “capital-light business model.” The phrase sits next to a SAR 338 million design-and-build award and a $250 million syndicated term loan, Project Radium II, closed in April 2026. Liquidity at mid-year included about $231.6 million of free cash and $616.3 million of restricted escrow cash.

Yousef Al Shelash, chairman of Dar Al Arkan, and El Chaar fronted the Riyadh unveiling with Eric Trump and Jerry Inzerillo, group chief executive of Diriyah Company, which controls the wider masterplan. The Trump Organization is the brand partner. Dar Global is the listed developer that has to deliver.

What Sits on the Wadi Safar Plot?

Rayana is a 2.6 million square metre gated community inside Wadi Safar, west of Riyadh and part of the Diriyah masterplan. The January launch packaged Trump-branded mansions, Rayana Mansions, an 18-hole Trump International Golf Club, and a Trump hotel on one site, the Trump Organization’s first venture in Diriyah.

The plot sits inside a Public Investment Fund-backed scheme valued at $63.2 billion across 14 square kilometres, planned with 42 hotels, more than 100 restaurants, nine museums, and more than 30,000 homes by 2030. JLL’s readout of the new ownership map puts Diriyah Gate among Riyadh designated zones where non-Saudis may buy.

The Trump Organization’s own media page describes a championship golf course, hotel and residences looking over the wadis. Homes in the June contract description run from about 1,900 square metres to 7,000 square metres of built-up area, a low-density layout that El Chaar has sold as privacy and scale.

From Wadi Safar in Diriyah, we laid the cornerstone for the Trump International Wadi Safar project within the Rayana Wadi Safar masterplan, which includes the launch of the Trump International Golf Club, alongside a Trump-branded hotel and a collection of luxury mansions.

Ahmed Al-Khateeb, Saudi Minister of Tourism, on X

The brand account posted the Diriyah launch the next day.

We’re excited to announce Trump International, Wadi Safar.

Developed in collaboration with Dar Al Arkan and Dar Global, this landmark project in Diriyah will feature a championship golf course, a luxury Trump hotel, and premium residences overlooking the region’s dramatic wadis…

— The Trump Organization (@Trump) January 12, 2026

A golf flag and a presidential surname do not grade a wadi. The June award to Compass and Bin Omairah Company for Contracting covers earthworks, roads, utility networks, and access, the unglamorous layer that has to exist before any mansion sale can be handed over.

Jeddah’s Mixed-Use District Is Booked at $383.6 Million

Trump Plaza Jeddah launched on 12 January 2026 as Dar Global’s third Trump-branded collaboration in the Kingdom, after Trump Tower Jeddah in December 2024 and the Diriyah golf community. It sits inside Amaya, a 1,000,000 square metre district on King Abdulaziz Road.

The 24 September 2026 results booked the mixed-use scheme at a gross development value of $383.6 million. That is the figure now on the London filing, covering residences, serviced apartments, Grade-A offices, townhouses, and retail and dining. Adjacent Padel Living Residences, launched in June 2026, add a GDV of $142 million and are not Trump-branded.

WHAT TRUMP PLAZA PUTS ON THE ROAD

• Executive homes: Fully furnished 1, 2, and 3-bedroom Trump Executive Residences aimed at turnkey owners.
• Park homes: Premium 2, 3, and 4-bedroom Trump Park Residences plus exclusive 4-bedroom Trump Townhouses.
• Work and retail: Home offices, Grade-A offices, shops, and dining, including Trump Grill and Trump Daily.
• Vitality Club: A 4,000 square metre members’ club with golf simulators, a spa, recovery rooms, pools, and a cigar and library lounge.

Dar Al Arkan’s press notice lists fully furnished Trump Executive Residences and optional rental management for overseas owners. Eric Trump said the Jeddah district reflected confidence in the city as a globally relevant market. El Chaar called it a connected address around a private park, with a 0% capital gains tax among the selling points the company put on the page.

Trump Tower Jeddah is a separate 47-floor, 561-unit scheme on the Corniche, valued at $531 million, with Arabian Construction Company on the main works from November 2025 and completion aimed at the fourth quarter of 2029. It is not inside El Chaar’s $10 billion pair. It is the earlier Jeddah bet the Plaza launch was meant to extend.

Foreign Buyers Face a 2% Fee in Riyadh and Jeddah

The Law of Real Estate Ownership by Non-Saudis took effect on 22 January 2026, days after the two launches, replacing the old case-by-case royal decree from 2000. Implementing regulations were approved by the Council of Ministers on 23 June 2026 and published on 3 July 2026. REGA runs the Saudi Properties portal that now handles registration.

Non-Saudis may own inside geographic zones the Cabinet has mapped. Riyadh’s list includes Diriyah Gateway, King Abdullah Financial District, King Salman Park, Qiddiya, and New Murabba. Jeddah’s list includes Downtown Jeddah and dozens of numbered development zones. Makkah and Madinah stay tighter, limited for individuals to Muslim natural persons. GCC nationals keep their older, more favourable track.

The commercial catch sits in the fee stack. Deloitte’s note on the regulations sets a 2% fee on non-Saudi disposals of real rights in Riyadh, Jeddah, Makkah, and Madinah, against a legal ceiling of 5%. Real Estate Transaction Tax at 5% still applies. In those four cities a non-Saudi can face about 7% on a deal, a structure that punishes a quick flip more than a long hold. The Kingdom still has no personal capital gains tax on an individual’s property rise.

WHO PAYS WHAT UNDER THE 2026 RULES

That extra 2% charge on non-Saudi buyers is the surcharge sitting on the very demand the Trump name is meant to attract in Diriyah and Jeddah. El Chaar has said buyers from 59 nationalities had already invested with Dar Global in Saudi Arabia before the zone maps were fully locked. The brand is the amenity. The fee is the state’s cut.

Non-resident people must obtain a digital identity, open a Saudi bank account, and hold a Saudi mobile number before they acquire rights. REGA can fine general breaches at up to 5% of the right’s value, capped at SAR 10 million, and can force a sale after deliberate fraud. Several transfers, including inheritance, court orders, and some developer unit sales, sit at a 0% ownership-fee rate.

The $25.8 Million Line in the President’s Disclosure

The Trump Organization is not carrying the SAR 338 million roads package. Under the model used across these sites, local developers finance and build, and Trump-linked companies collect fees for the name and, in some cases, for management.

The president’s 2025 annual financial disclosure put foreign real estate licensing income at $59.5 million, up 71% from 2024 and nearly ten times the 2023 haul. More than 60% of that income came from Gulf work. Dar Al Arkan and Dar Global together generated $25.8 million of licensing income in that disclosure year, which closed before the January 2026 Riyadh and Jeddah launches even opened for sale. The meter was already running on earlier work, including Trump Tower Jeddah.

A first-term pledge to take no new foreign deals is gone. The second-term ethics policy, as described around that disclosure, bars new material transactions directly with foreign governments and still allows contracts with private overseas companies. Dar Global is a London-listed private developer. Diriyah Company is the masterplan authority on state-backed land. The legal line the policy draws is the private-company door, and that is the door these launches walked through.

The objection that keeps coming back is not architectural. A sitting president’s surname is being sold as a luxury finish on Vision 2030 dirt, and the people writing the construction contracts are Saudi and London-listed, not the White House. That heat is part of what off-plan buyers are asked to underwrite.

Compass, Bin Omairah and Al Dahlawi Have the Site Work

The January shows were marble and video. The 2026 diary is contractors.

HOW THE SAUDI SITES HAVE MOVED

1. 9 December 2024: Dar Al Arkan, Dar Global, and the Trump Organization announce two Trump-branded developments in Riyadh.
2. December 2024: Trump Tower Jeddah launches as the first Saudi collaboration, later valued at $531 million.
3. 11 January 2026: Trump International Golf Club, Wadi Safar, launches on 2.6 million square metres; Tourism Minister Ahmed Al-Khateeb says the cornerstone is laid.
4. 12 January 2026: Trump Plaza Jeddah launches inside Amaya on King Abdulaziz Road.
5. 22 January 2026: The non-Saudi ownership law takes effect.
6. April 2026: Dar Global closes a $250 million syndicated term loan. On 23 April it appoints Al Dahlawi Company for Contracting to deliver main works at Amaya, home to Trump Plaza.
7. 18 June 2026: Dar Global awards the SAR 338 million Rayana infrastructure package to Compass and Bin Omairah Company for Contracting.
8. 3 July 2026: Implementing regulations to the ownership law are published, locking in the 2% four-city fee.
9. 24 September 2026: Half-year results book Plaza GDV at $383.6 million and group GDV at $23 billion.

El Chaar said the Rayana award was a step forward in delivery and that the community had been conceived around privacy, scale, and a curated lifestyle. Compass and Bin Omairah are now on earthworks and utilities. Al Dahlawi is on Amaya’s main works. Eric Trump’s four-to-five-year clock from January 2026 still points at 2030 or 2031. No handover date for Rayana appears in the September filing.

Other Gulf Sites Use the Same Licensing Model

The Saudi pair is the largest disclosed slice of a wider Dar Global and Trump Organization slate. In August 2026, after enabling works, Dar Global appointed Gulf Asia Contracting to build the podium of Trump International Hotel & Tower, Dubai, an 80-storey tower of about 350 metres on Sheikh Zayed Road. Trump Tower Jeddah remains on its own $531 million track toward late 2029.

Further out, Dar Global is advancing a Trump International Golf Club at Simaisma in Qatar inside a Qatari Diar masterplan, and an Oman scheme with Omran Group. The pattern repeats: a local or regional developer on the land and the debt, the Trump name on the gate, and a completion date measured in years.

Off-plan buyers in Riyadh and Jeddah are being asked to fund that pattern in a market that only opened to foreigners in January 2026 and then added a 2% REGA fee in the same cities where these addresses sit. Dar Global’s mid-year cash and the $250 million loan are what stand behind the next grade of road at Wadi Safar. The brand does not pour the concrete. The listed developer does, on a clock that still runs into the next decade.

Disclaimer: This article is news reporting and analysis of announced real estate projects, contractor awards, and published company results. It is informational only and is not investment, legal, tax, or property-buying advice, and it is not an offer to sell or a solicitation to buy any unit, share, or interest in Dar Global, Dar Al Arkan, the Trump Organization, or any Saudi development. Anyone weighing a purchase, a shareholding, or a cross-border holding structure should consult a licensed Saudi real estate lawyer and a tax adviser qualified in Saudi Arabia and in their home country before acting. Figures, scopes, fees, and completion aims reflect the company statements, filings, and regulations cited and may change as contracts, sales, and rules move.