Saudi real estate development company “Dar Global” announced on Monday a partnership with the Trump Organization to build a $1 billion tower in Jeddah, marking the latest investment by the American president’s family real estate group in the Gulf region.

Dar Global said in an English statement: “Dar Global announced its second partnership in Jeddah with the Trump Organization and plans to launch the Trump Plaza Jeddah tower.”

The statement added that this skyscraper project “targets luxury real estate clients in the Saudi coastal city,” noting it will include offices and luxury residential units.

The company explained that this will be the second project bearing the Trump brand in the Kingdom after the Trump Tower Jeddah on the Red Sea coast, announced by the Trump Organization in December.

This announcement follows US President Donald Trump’s Gulf tour in May, which was marked by generous investment promises.

Welcomed warmly in Saudi Arabia, Trump, according to the White House, received massive promises of Saudi investments and purchases, especially in defense and artificial intelligence sectors.

The US president signed a series of agreements with Saudi Crown Prince Mohammed bin Salman, estimated by the US government at about $600 billion, as part of a “strategic economic partnership” between the two countries.

The Trump Organization also has projects in Qatar, the United Arab Emirates, and Oman.

In April, the company signed a contract to build a golf course and luxury residential units in Qatar. It also revealed details of a $1 billion skyscraper in Dubai, where apartments can be purchased with cryptocurrencies. It has a $4 billion project in Oman.

Gulf countries are seeking to diversify their oil-dependent economies.

President Trump’s sons, Donald Jr. and Eric Trump, have led the Trump Organization since 2016, although their father remains a contributor through a trust fund.

The relationship between the Trump Organization and Gulf countries is not limited to real estate.

Eric Trump and Zack Witkoff, son of Trump’s Middle East envoy Steve Witkoff, announced at the “Token 2049” cryptocurrency conference in Dubai in April that the UAE-based investment fund MGX will use USDI, a stablecoin developed by a company supported by Trump and his family, to invest $2 billion in the Binance cryptocurrency trading platform.