President Donald Trump downplayed his family’s business ties with Saudi Arabia on Tuesday, saying in an Oval Office meeting with Saudi Crown Prince Mohammed bin Salman that his family has “done very little” with the Middle East ally despite ongoing deals with Saudi Arabia.
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When asked by an ABC News reporter if he thought it was appropriate for his family to do business with Saudi Arabia while he was president, Trump initially responded: “Fake news. Fake news from ABC.”
The president then said he has “nothing to do” with the family business, stating that he has “done very little” with Saudi Arabia.
Trump’s comment comes less than a day after the Trump Organization announced its partnership with Saudi real estate developer Dar Al Arkan to license his name to a luxury hotel in the Maldives.
More context: Trump will receive the Saudi crown prince in a festive and negotiation visit
What business has the Trump family done with Saudi Arabia?
Following the end of Trump’s first term, the president’s family has closed at least nine deals with Saudi investors, according to a Forbes report, participating in multimillion-dollar projects related to Trump’s golf properties and licensing business. Last year, the president and his extended family generated approximately $50 million in deals linked to Saudi Arabia. Jeddah, a coastal city in Saudi Arabia, will be home to Trump Jeddah Tower and Trump Jeddah Plaza, the latter containing offices, apartments and a green space. Trump’s son-in-law Jared Kushner has secured $2 billion in capital commitments from the Saudi Public Investment Fund between 2021 and 2024, according to the Forbes report, which noted that a 1.25% management fee is attached to the funds, “suggesting the Saudis will pay Kushner’s company at least $125 million over five years.”
This article was originally published by Forbes US
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