This Gulf Nation Is Powering Trump’s Moneymaking Machine

Key Concepts

• Trump Organization's International Expansion: Focus on the UAE as a key market.
• Foreign Business Dealings: Trump's promise to avoid new foreign deals versus current reality.
• Licensing Agreements: A primary mechanism for revenue generation.
• Cryptocurrency Deals: Novel methods for monetizing real estate assets.
• Government Entities: Involvement of UAE government-linked organizations.
• Personal Relationships and Policy: The intertwining of business and political influence in the Gulf.
• Nakheel and Damac Properties: Key Emirati developers involved with the Trump Organization.
• Financial Crisis of 2008: Impact on early Trump-UAE business ventures.
• "The Developer's Greatest Dream": Eric Trump's description of the UAE business environment.

Trump Organization's UAE Business Dealings

This report details how the United Arab Emirates (UAE) has become a significant hub for the Trump Organization's international expansion, particularly during and after Donald Trump's presidency. Despite a promise made in January 2017 to avoid new foreign business deals while in office, the Trump family has entered into at least nine agreements with ties to the UAE. These ventures, involving both government entities and private developers, are projected to generate substantial revenue.

Financial Projections and Future Ventures

• Estimated Revenue: The combined ventures are expected to bring in an estimated $500 million in 2025 and approximately $50 million annually for years to come.
• Ongoing Projects: The Trump family is reportedly working on an unannounced project in Abu Dhabi, potentially located in the Alraha Beach neighborhood.
• Cryptocurrency Mania: The Trump offspring are exploring innovative ways to leverage cryptocurrency trends to increase revenue from their real estate holdings.

Eric Trump's Perspective on the UAE Market

Eric Trump, who manages the Trump Organization's daily operations, has expressed strong enthusiasm for doing business in the UAE. He stated in Abu Dhabi, "The UAE is the developer greatest dream because they never say no to anything. In fact, they always tell you to kind of push the limits. And there's no place that has grown faster. There's no place that has been more fun to work in than the UAE. I mean, if you want to build it, if you can dream it up, they allow you to do it."

Historical Context of Trump's Middle East Involvement

The Trump family's engagement with the Middle East began approximately 20 years ago, with the UAE being their initial entry point.

Early Dealings with Nakheel

• 2004: Donald Trump was among 75 potential investors invited to a luncheon at the 21 Club in New York by Nakheel, a government-affiliated firm, to discuss large-scale development projects.
• 2008: A licensing deal was established with Nakheel, led by Sultan Ahmed bin Sulleam, a businessman with notable connections, including to Jeffrey Epstein.
• Impact of 2008 Financial Crisis: The global financial crisis severely impacted Dubai's real estate market, leading to the reported cancellation of this deal in 2011.

Partnership with Damac Properties

• 2011: Around the same time the Nakheel deal dissolved, developer Hussein Sajuani began work on the 42 million square ft Damac Hills project outside Dubai.
• Trump International Golf Club Licensing Deal: Zead Elchar, a deputy to Sajuani, facilitated a licensing agreement for a golf club with the Trump family.
• Timing with Presidency: This deal materialized approximately two and a half years before Donald Trump's inauguration as the 45th President of the United States.
• Post-Inauguration Engagement: Hussein Sajuani celebrated Trump's inauguration at the Trump International Hotel in Washington, D.C. Eric and Don Jr. Trump attended the official opening of the Trump International Golf Club in Dubai.
• Pre-White House Meeting (January 2025): Thirteen days before Trump's return to the White House, he met with Sajuani at Mar-a-Lago. Sajuani's companies reportedly pay Trump an estimated $6 million annually in licensing and management fees and announced plans to invest $20 billion in expanding his data center business into the U.S.

Blending of Business, Diplomacy, and Crypto

The current business landscape involving the Trump family, the UAE, and cryptocurrency ventures is characterized by a complex interplay of real estate licensing, international diplomacy, and speculative financial instruments. This environment allows for significant wealth accumulation for the first family, operating without necessarily requiring explicit quid pro quo. The report suggests that established business relationships foster personal connections that can subsequently influence policy discussions, a practice common in the Gulf region for decades. The novelty lies in an American president being positioned at the nexus of such a network.

Attribution

For comprehensive coverage, readers are directed to Dan Alexander's article on Forbes.com. This report is presented by Kieran Meadows from Forbes.