Trump Organization Overseas Licensing Revenue Up 71% to $59.5 Million in 2025; Gulf Accounts for Over 60%

In 2025, President Trump's overseas real estate licensing business generated $59.5 million in revenue, up 71% from 2024 and roughly ten times the 2023 figure. The data is based on an analysis of annual financial disclosure filings. Licensing revenue primarily comes from international developers using the Trump brand for luxury towers, golf courses, and coastal resorts. The Trump Organization, in its second term, has abandoned the first-term pledge of "no new foreign deals." Its current ethics policy prohibits new substantive transactions with foreign governments but permits partnerships with foreign private companies.

Four licensing LLCs not listed in the 2024 disclosure generated $20.25 million in 2025, representing 82% of the growth. Another five licensing companies previously classified as inactive contributed an additional $9.64 million. Over 60% of licensing revenue came from Gulf state projects. Projects tied to the United Arab Emirates contributed roughly $22 million, Saudi Arabia about $9 million, and Qatar about $5 million. Among these, projects related to Saudi-linked Dar Al Arkan and its Dubai-based international arm Dar Global generated $25.8 million, while projects related to UAE's Damac generated $11.3 million.

Under the licensing model, local developers handle financing and construction, while the Trump Organization collects brand usage fees and a share of management fees. The Gulf region's branded residential market has grown markedly; in the first nine months of 2025, Dubai branded residential transaction volume rose 26% year-on-year, and sales value increased 51%. In January 2025, Damac founder Hussain Sajwani and Trump jointly announced plans to invest at least $20 billion in U. S. data center projects. Later that year, Trump signed an executive order requiring federal agencies to expedite permitting for eligible data centers and energy infrastructure. In December, a Damac subsidiary purchased land near Canton, Ohio for $36.5 million for a proposed data center; that land had traded for $8.55 million just two days earlier.

For the Qatar project, Trump disclosed licensing revenue of $5.25 million related to the development of a Trump-branded golf club and luxury villas in Qatar with Dar Global. The project is part of the Simaisma coastal development led by Qatari Diar, a company established by Qatar's sovereign wealth fund. The project was announced on April 30, 2025; two weeks later, Trump visited Doha and announced multiple aviation, defense, and economic agreements with Qatar. The Oman project follows a similar structure, developed through a joint venture between Dar Global and Omran Group, Oman's government tourism development agency. Trump reported nearly $1 million in related licensing revenue.

For the Vietnam project, Trump reported $5 million in revenue related to a golf development outside Hanoi, a project valued at $1.5 billion. Vietnamese officials were then negotiating with the U. government to avoid a threatened 46% tariff. In May 2025, then-Prime Minister Pham Minh Chinh attended the project's groundbreaking ceremony. The Trump Organization stated that its operations are "fully independent of the presidency," comply with ethics and conflict-of-interest laws, and that it has retained external ethics advisors to avoid conflicts. A White House spokesperson responded that Trump's decisions are guided solely by the interests of the American people, citing the over $2 trillion in investment commitments announced during his May 2025 Gulf trip, along with commercial, defense, aviation, and technology agreements.