Trump’s Foreign Real Estate Income Soars to $59.5M

Former U.S. President Donald Trump’s foreign real estate licensing business experienced a significant financial uplift, with income reaching $59.5 million in 2025. This surge represents a 71% increase from the previous year and is nearly ten times the revenue recorded in 2023, largely fueled by projects in Gulf countries.

Key Income Figures

• Total foreign real estate licensing income in 2025: $59.5 million
• Year-over-year increase from 2024: 71%
• Revenue compared to 2023: Nearly ten times higher
• Income originating from Gulf countries: Over 60% of total

The United Arab Emirates emerged as the largest single contributor, generating approximately $22 million in licensing income for Trump in 2025. Following closely, Saudi Arabia added around $9 million, while Qatar contributed about $5 million to the total.

Major Developers Driving Gulf Revenue

• Saudi-linked Dar Al Arkan and its international arm, Dar Global, contributed $25.8 million.
• UAE-based Damac accounted for $11.3 million in licensing income.

This revenue model allows local developers to fund and construct properties, with the Trump Organization receiving payments for leveraging the Trump brand. The organization also provides management services for a selection of these international projects.

Ethical Scrutiny and Constitutional Questions

The substantial rise in foreign income has prompted concerns among ethics experts regarding potential conflicts of interest, given Trump’s past and potential future roles. While CNBC found no direct evidence of influence on administration decisions or special treatment for developers, the strong ties between private developers and foreign governments, sovereign funds, and state-controlled entities in the Gulf region are particularly notable.

• A Trump-branded golf club and luxury villas in Qatar, part of the Simaisma coastal development, generated $5.25 million. This project is led by Qatari Diar, a real estate investment company of Qatar’s sovereign wealth fund.
• The Aida development in Oman, involving Dar Global and the Omani government’s tourism arm, Omran Group, contributed nearly $1 million.

These intricate arrangements also introduce legal complexities concerning the Foreign Emoluments Clause of the U.S. Constitution. Courts have yet to issue a definitive ruling on whether such payments, channeled through private developers linked to foreign governments, fall under its specific purview.