Gulf Developers Drive Trump's Real Estate Licensing Income to $59.5 Million

Former US President Donald Trump's foreign real estate licensing business experienced a significant boom in 2025, generating $59.5 million in revenue. This represents a 71% increase from 2024 and nearly a tenfold rise compared to 2023, according to a CNBC analysis of his financial disclosures.

A substantial portion of this income, specifically nearly two-thirds, was attributed to projects in Gulf countries. Key contributors include Saudi Arabia’s Dar Al Arkan and its subsidiaries, which accounted for $25.8 million, and Dubai-based developer Damac, generating $11.3 million.

Overall, projects linked to the United Arab Emirates generated roughly $22 million in licensing income for Trump in 2025. Saudi Arabia followed with $9 million, and Qatar contributed $5 million. This revenue model typically involves local developers financing and constructing properties, with the Trump Organization collecting fees for the use of its brand name and, occasionally, for management services.

This surge in branded property deals reflects a broader trend in the Gulf region, where luxury and celebrity names are increasingly used to command premium prices. The report notes that some developers licensing the Trump name were also pursuing U.S. investments or seeking government approvals, raising questions among ethics watchdogs regarding potential conflicts of interest, though CNBC found no evidence of special treatment.