Dar Global, one of the Trump Organization’s major real estate partners, is seeking to fund a new expansion of branded hotels in the Maldives through cryptocurrency.
Saudi luxury developer Dar Global plans to raise money for the project by selling crypto to U.S. investors, Reuters reported. The company is one of the Trump Organization’s key overseas partners, with seven projects underway – including an 80-story tower in Dubai, a golf resort in Qatar and luxury places of residence in Saudi Arabia and Oman.
“We would like to … tokenize 70 percent of that development fund to as many token holders as possible,” Dar Global CEO Ziad El Chaar said. “The biggest crypto market and the biggest amount of investors are in the U.S.”
The structure of the deal allows Dar Global to license the Trump Organization’s name while allowing cryptocurrency holders to invest in the project. Investors can purchase fractional interests in the development through crypto tokens bought and sold on a blockchain platform.
The Maldives project
The planned Trump International Hotel Maldives will feature roughly 80 “ultra-luxury beach and overwater villas” and promises “the highest levels of privacy, exclusivity, and sophistication,” according to a Trump Organization press release.
“We are delighted to bring the Trump brand to the Maldives in collaboration with Dar Global. This development will not only redefine luxury in the region but also set a new benchmark for innovation in real estate investment through tokenization,” Eric Trump, executive vice president of The Trump Organization, said in the release.
El Chaar echoed the praise, adding: “Dar Global continues to push boundaries, from developing world-class destinations to pioneering new investment structures. Tokenizing the development of Trump International Hotel Maldives marks a global first that blends luxury, innovation, and technology in a way that will transform how the world invests in hospitality.”
Conflict of interest?
Cryptocurrency has become a lucrative investment avenue for the Trump Organization, particularly in its multibillion-dollar international deals. These ventures benefit the company and members of the Trump family – a dynamic that has renewed questions about potential conflicts of interest between President Donald Trump’s private business interests and his foreign policy decisions.
Other presidents have faced similar scrutiny. Bill and Hilary Clinton sold stocks valued between $5 million and $25 million in their blind trust after discovering it held shares in oil and pharmaceutical companies, military contractors and Wal-Mart, according to the New York Times. At the time, Hilary Clinton was serving as a New York senator.
Eric Trump has previously argued that many of these investments were initiated before his father returned to the White House. The administration has also maintained that there are no ethics concerns because President Trump’s sons run the businesses. The resort is slated to open by 2029.
