عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Dar Global and Trump Organization Launch $1 Billion Project in Jeddah

The project, called Trump Plaza Jeddah, will include executive and premium residences, home offices, retail outlets and curated dining offerings. (Asharq Al-Awsat) 
The project, called Trump Plaza Jeddah, will include executive and premium residences, home offices, retail outlets and curated dining offerings. (Asharq Al-Awsat) 
TT
TT

Dar Global and Trump Organization Launch $1 Billion Project in Jeddah

The project, called Trump Plaza Jeddah, will include executive and premium residences, home offices, retail outlets and curated dining offerings. (Asharq Al-Awsat) 
The project, called Trump Plaza Jeddah, will include executive and premium residences, home offices, retail outlets and curated dining offerings. (Asharq Al-Awsat) 

Dar Global and the Trump Organization announced on Monday the official launch of Trump Plaza Jeddah, valued at over $1 billion.

Dar Global, a London-listed luxury real estate developer, said the project marks its third collaboration with the Trump Organization in the Kingdom.

This landmark project, strategically located within the expansive Amaya development along King Abdulaziz Road, is poised to redefine luxury urban living in Jeddah's thriving real estate landscape, following the launch of Trump Tower Jeddah in December 2024.

Dar Global described the project as one of the most integrated urban destinations in Jeddah, saying it includes home offices, retail spaces, dining venues and a private club.

Residential offerings include fully furnished 1, 2, and 3-bedroom Trump Executive Residences; premium 2, 3, and 4-bedroom Trump Park Residences; and exclusive 4-bedroom Trump Townhouses.

Together with thoughtfully designed home offices, premium retail, and curated dining, the project redefines modern living by blending convenience and luxury into a single, connected destination.

Optional rental management services further enhance the appeal for international owners seeking a turnkey ownership experience.

“Expanding our presence in Saudi Arabia with Trump Plaza Jeddah underscores our commitment to world-class quality and iconic design,” said Eric Trump, executive vice president of the Trump Organization. “This project reflects the strength of our relationship with Dar Global and our confidence in Jeddah as a dynamic, globally relevant city.”

Trump affirmed that Trump Plaza Jeddah will set a new benchmark for integrated urban destinations.

For his part, Ziad El Chaar, CEO of Dar Global, said the launch of Trump Plaza Jeddah represents a major milestone in the company’s Saudi portfolio.

“This is not a single-use development, but a carefully curated urban ecosystem designed for global residents who want to live, work, and connect within the best address in Jeddah,” he said.

“Anchored by a private park and supported by world-class amenities, Trump Plaza Jeddah introduces a new model for modern city living in the Kingdom,” El Chaar noted.

The project also features an exclusive 4,000-square-meter Vitality Club, with golf simulators, a spa, sports medicine and recovery facilities, swimming pools, dining, and high-performance wellness spaces.

Destination retail and dining, including Trump Grill, Trump Daily, an artisan bakery, and a fitness pro shop, reinforce its positioning as a district day and night.

 

 

Most Viewed

 
 
Business

Shell Raises Gas Output Guidance for Q2, Flags Stronger Gas Trading Results

The logo of British multinational oil and gas company Shell is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. (Reuters)
The logo of British multinational oil and gas company Shell is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. (Reuters)
TT
TT

Shell Raises Gas Output Guidance for Q2, Flags Stronger Gas Trading Results

The logo of British multinational oil and gas company Shell is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. (Reuters)
The logo of British multinational oil and gas company Shell is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. (Reuters)

Shell slightly increased its guidance on Tuesday for its second-quarter integrated gas production, although output would be down sharply from the first three months of the year due to the impact of the Middle East conflict.

The ‌British oil ‌major also expects trading and optimization at its ‌integrated ⁠gas segment to ⁠be "significantly higher" in April-June than in the first quarter, the group said in a quarterly trading update.

Trading results at its chemicals and products unit, which includes the group's big oil trading desk, are expected to be in line with the previous quarter's strong performance.

Oil majors including Shell and its European peers BP and TotalEnergies ⁠reported strong oil trading in the first quarter, ‌benefiting from price volatility due to ‌the US-Israeli war with Iran.

Shell guided for its integrated gas output ‌in the April-to-June period to be about 610,000 to 650,000 barrels ‌of oil equivalent per day, down around 30% from the 909,000 boed it produced in the first quarter.

It previously expected a range of 580,000 to 640,000 boed.

Production at Shell's Pearl gas-to-liquids plant in Qatar ‌was halted in March after an attack on Ras Laffan Industrial City damaged one of the facility's two ⁠trains. Shell ⁠has said repairs could take about a year.

About 20%, or 550,000 boed, of Shell's oil and gas production comes from the Middle East, with around 10% of that Qatar-related.

Shell also forecast a $1 billion to $6 billion working-capital inflow in the second quarter, compared with an $11.2 billion outflow in the first quarter, reflecting the impact of volatility in commodity prices. Working capital is a liquidity measure of current assets minus liabilities.

Shell guided for higher indicative refining margins of about $20 per barrel and chemicals margins of about $240 per ton in the second quarter, although it said the realized margins were lower than those levels due to market dislocations.

Business

Oil Prices Gain as Focus Shifts to Supply Recovery and Demand

FILE - Iraqi oil workers at an oil installation at Beiji in northern Iraq Tuesday, February 29, 2000. (AP Photo/Jassim Mohammed, File)
FILE - Iraqi oil workers at an oil installation at Beiji in northern Iraq Tuesday, February 29, 2000. (AP Photo/Jassim Mohammed, File)
TT
TT

Oil Prices Gain as Focus Shifts to Supply Recovery and Demand

FILE - Iraqi oil workers at an oil installation at Beiji in northern Iraq Tuesday, February 29, 2000. (AP Photo/Jassim Mohammed, File)
FILE - Iraqi oil workers at an oil installation at Beiji in northern Iraq Tuesday, February 29, 2000. (AP Photo/Jassim Mohammed, File)

Oil prices edged higher on Tuesday as traders looked beyond easing geopolitical tensions in the Middle East and turned their attention to supply increases and demand prospects.

Brent crude futures gained 85 cents, or 1.2%, to $72.84 a barrel, while US West Texas Intermediate crude rose 74 cents, or 1.1%, to $69.29 a barrel as of 0645 GMT, after settling down at around pre-Iran war levels on Monday.

"The steps towards recovery in supply have eased the immediate risk premium, but the market remains wary of putting too much faith in the ‌stability of ‌the current truce given the on again-off again nature of US-Iran relations," ‌said ⁠Tim Waterer, chief market ⁠analyst at KCM Trade.

"We will be watching for early signs of demand response, particularly from China. The market has priced in a lot of the positive supply news, so the next leg in oil prices will depend on whether physical reality matches the optimistic headlines."

President Donald Trump said on Monday the US would either reach a deal with Iran or "finish the job," renewing his threat of military action as Tehran projects defiance following the funeral of former Supreme Leader Ali ⁠Khamenei.

Investors have been keeping a close eye on talks between the US ‌and Iran over the fate of shipping through ‌the Strait of Hormuz while tracking the recovery in Gulf oil exports.

On Monday night, Iran's Revolutionary Guards ‌fired at least two missiles at commercial ships transiting the Strait of Hormuz, Axios reported, citing ‌two US officials. The commercial ships suffered significant damage but had no casualties, the report said.

Despite the recent surge in strait ‌activity, oil flow recovery is proving slower than expected, ANZ analysts said in a note.

"The initial rebound in tanker transits through the Strait of ⁠Hormuz has stalled, ⁠with vessel crossings remaining in single digits and no sustained recovery evident," they said.

"While the interim US-Iran agreement has reduced immediate geopolitical risks, shipping operators remain cautious, limiting the speed at which crude exports can return to normal levels."

The Organization of the Petroleum Exporting Countries and its allies including Russia agreed on Sunday to further increase output targets by 188,000 bpd from August, on top of similar increases for June and July.

Business

Saudi Arabia Grants ACWA Exclusive Green Hydrogen Export Rights

The ACWA headquarters in Saudi Arabia. (ACWA)
The ACWA headquarters in Saudi Arabia. (ACWA)
TT
TT

Saudi Arabia Grants ACWA Exclusive Green Hydrogen Export Rights

The ACWA headquarters in Saudi Arabia. (ACWA)
The ACWA headquarters in Saudi Arabia. (ACWA)

Saudi Arabia’s Acwa, the world’s largest private water desalination company, a leader in the energy transition, and a first mover into green hydrogen at scale, has received government approval granting the company the exclusive right to export green hydrogen and its derivatives produced in the Kingdom to international markets, including green ammonia, green methanol and green fuels.  

The approval comes as global demand for clean molecules accelerates and as Saudi Arabia moves to convert its renewable resource advantage into long-term export revenues. The government approval supports the Kingdom's strategic objectives of establishing Saudi Arabia as a global leader in clean energy exports and accelerating the development of a diversified, low-carbon economy under Vision 2030, said Acwa in a statement on Tuesday.  

Under the approval, Acwa has also been assigned to develop projects for the production, transmission and export of electricity generated from renewable energy sources to European and Arab markets, supporting regional energy security while enabling the export of competitively priced clean electricity from the Kingdom.  

Dr. Samir Serhan, Chief Executive Officer of Acwa, said: "This government approval reflects the Kingdom's confidence in Acwa’s ability to deliver strategic infrastructure at scale and reinforces our responsibility to help position Saudi Arabia as a leading global exporter of clean energy.” 

“Green hydrogen and renewable electricity exports represent the next chapter in the Kingdom's energy leadership, creating new opportunities for economic growth while contributing to global energy security and the energy transition,” he added.  

“We are honored to support this national ambition and remain committed to delivering the infrastructure that creates long-term value for the Kingdom and its partners around the world,” he said.  

The mandate builds on Acwa’s established leadership in renewable energy, desalination and its position as a first mover into green hydrogen at scale. The latter includes its role in developing NEOM Green Hydrogen, which is one of the world's largest green hydrogen projects.  

It further reinforces the company's position as a strategic national partner in the infrastructure that advances the Kingdom's long-term economic diversification, industrial development and global energy leadership.  

Acwa’s current portfolio of 111 assets spans 16 countries, with SAR 468.9 billion / USD 125 billion of assets under management.  

Serhan added: “This mandate expands Acwa’s role in contributing to the Kingdom's future clean energy economy and defines the next architecture of Saudi Arabia’s energy export strategy.” 

“Our experience in developing, financing, constructing, and operating large-scale renewable energy and green hydrogen projects provides the execution foundation that this assignment demands,” he stressed. 

“We look forward to working closely with government entities, strategic partners, and international stakeholders to develop the integrated export infrastructure that connects Saudi Arabia's abundant renewable resources with growing global demand for clean molecules and clean electricity.”  

The approval further strengthens Acwa’s long-term growth strategy by adding a sovereign export dimension to an already diversified infrastructure platform, spanning renewable energy, green hydrogen, electricity transmission, and energy infrastructure, while reinforcing Saudi Arabia's position as a reliable supplier of sustainable energy solutions to global markets.