Saudi Arabia-headquartered real estate developer Dar Global has announced the Trump Tower development in Jeddah in collaboration with the US-based Trump Organisation. The 47-floor tower is expected to be developed at an estimated budget of  $532m. No further details on the construction timelines have been disclosed. The project is the latest addition to the firm's portfolio after it announced the development of two new projects in Riyadh with Trump Organisation. The announcement follows the partnership deal signed in September with Geneva-based jeweller Mouawad to develop a residential project in Riyadh. The estimated $234m development will offer 200 residential villas and will be located in the north of Riyadh, close to the Expo 2030 site. The development is expected to be completed by 2026.  Dar Global has $7.5bn-worth of projects under development in six countries: the UAE, Oman, Qatar, the UK, Spain and Saudi Arabia. GlobalData expects the construction industry in Saudi Arabia to expand by 4.6% in real terms in 2024, supported by public and private investment in the development of transportation, energy, tourism and housing projects. GlobalData expects the residential sector to grow by 4.2% in real terms in 2024, before growing at an annual average growth rate of 5.9% in 2025-28, supported by government initiatives to provide affordable housing as part of Riyadh’s aim to increase homeownership from 62% in 2020 to 70% by 2030. (ICE RIYADH)

Fonte notizia: Meed