Trump Organization Nears Naming Rights Deal With Saudis

The Trump Organization is in advanced talks to put its name on a major Saudi government real estate project, according to the CEO of the Saudi company leading the development. The Trump company is said to be negotiating a deal that would bring a branded property to Diriyah, a $63 billion luxury development overseen by Crown Prince Mohammed bin Salman. The project is intended to turn the historic Saudi town into a high-end destination featuring hotels, retail, and office space, the New York Times reports. President Trump is scheduled to host the Saudi ruler in Washington this week.

Since Trump's return to office, his family has announced several new ventures abroad, including projects in Saudi Arabia, the United Arab Emirates, and Qatar. The Trump Organization's most significant foreign partner, Dar Global, has guided these deals and paid nearly $22 million in licensing fees to the Trump Organization last year alone. These licensing deals, which generate revenue for using the Trump name, do not require the company to invest in the projects themselves, per the Times.

The Trump Organization initially pledged to avoid new foreign business deals after Trump's 2016 election, but that commitment ended with his first term. The White House is planning to give the prince a first-class welcome when he arrives, per CNN, complete with a formal dinner. "We're more than meeting," Trump said late Friday. "We're honoring Saudi Arabia, the Crown Prince."