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onald Trump spoke at a Saudi-U.S. business investment forum in Riyadh, Saudi Arabia on Tuesday, during his first official foreign trip of his second term. The event marked the latest development in the close relationship between Trump and Yousef Al Shelash, chairman and cofounder of Dar Global's parent company, Dar Al Arkan.
Al Shelash has been a key partner for the Trump Organization, with his firm announcing at least six Trump-branded luxury real estate deals over the past three years. These agreements have generated significant revenue for Trump, who disclosed earning $7.85 million in licensing fees from a single Dar Global project in Oman between 2021 and early 2024.
Al Shelash's net worth is estimated to be around $900 million, largely concentrated in shares of Dar Al Arkan, which he cofounded with his brothers and five other families in 1994. The company has experienced significant growth since its IPO on the Saudi stock exchange in 2007, with revenue increasing by 153% to $1.3 billion in 2017.
In recent years, Al Shelash has expanded Dar Global's operations outside of Saudi Arabia, establishing a presence in Dubai and other international markets. The company has announced several high-profile projects, including a Trump-branded development in Oman and a luxury skyscraper and hotel in Dubai.
The close ties between Al Shelash and the Trump Organization have been good for both parties, with shares of Dar Global rising by 140% since last July despite disappointing earnings results in 2024. The firm's stock has also benefited from its partnerships with Trump, which have generated significant revenue and publicity.
Al Shelash has played up his closeness with Trump on social media, posting photographs of the two men together at various events. He has also expressed optimism about Trump's second term, saying that he hopes it will bring stability to the region and the world.
Despite the challenges faced by Dar Al Arkan in recent years, including a decline in its stock price and allegations of wrongdoing, the company appears to be on the mend. Its revenue has increased significantly since 2017, and its partnerships with Trump have generated significant revenue and publicity.
The future of Dar Global's operations remains uncertain, but it is clear that Al Shelash will continue to play a key role in shaping the company's strategy and direction. With his close ties to Trump and his experience in the Saudi real estate market, he is well-positioned to navigate the complexities of international business and politics.
Al Shelash's early life remains somewhat of a mystery, but it is known that he graduated from Imam Muhammad Ibn Saud Islamic University with a bachelor's degree in Islamic law in 1990. He then obtained a master's degree in law from the Institute of Public Administration in Riyadh two years later.
In 1994, Al Shelash cofounded Dar Al Arkan with his brothers and five other families, the Al Hethlouls, the Al Roumis, the Al Jarallahs, the Al Qasems and the Al Babtains. By 2000, he owned 23.5% of the business, making him the joint largest shareholder.
Dar Al Arkan's early years focused on buying up large plots of undeveloped land in central Saudi Arabia, building basic utilities, and then selling it to other investors and developers. The company expanded its operations to the western and eastern regions of the country and started developing residential units in the early 2000s.
In 2004, the six families brought 60 new stockholders into Dar Al Arkan by selling new shares for roughly $1.1 billion, diluting Al Shelash's direct stake to 9% and valuing the firm at $1.4 billion. That same year, Al Shelash and his cofounders established an investment bank named Alkhair Holding in Bahrain with $111 million in initial capital.
Dar Al Arkan has continued to tap international investors for financing in recent years, but the firm now enjoys a more stable reputation. Moody's analysts who cover its debt wrote in March that the firm's high-value land bank, projected cash flow and cash reserves of $1.8 billion meant it could "comfortably cover" its short-term debt and other capital needs.
In 2017, Al Shelash saw an opportunity to grow the business outside of Saudi Arabia. Dar Al Arkan announced its first foreign development, a 34-story luxury residential tower in Dubai, and also set up Dar Global to target the luxury apartments business in Dubai—a departure from the land sales the firm had long relied on in Saudi Arabia.
The company has continued to expand its operations globally, with developments in the works in Bosnia and Herzegovina, Dubai, Qatar, Spain, the U.K. and Oman. Al Shelash told CNBC Arabia in January that Dar Global was working with the Trump Organization on a seventh project, in Greece, that has not been formally announced.
Expanding to the U.S. is also on the cards: "We have studied several projects in New York, Miami and possibly Los Angeles," Al Shelash told Al Arabiya Business in January. It's unclear whether the U.S. developments will involve the president, but the partnerships with Dar Global in Oman and Qatar appear to violate Trump's pledge not to enter any new foreign deals while he was in office.
"The acceleration of new foreign deals in the first several months of this presidency is astounding," says Walker Davis, deputy research director at watchdog Citizens for Responsibility and Ethics in Washington. "It's all out in the open now. It's no holds barred with this Trump administration and conflicts."
