The shadow of business looms over Trump's first presidential trip to the Middle East
Many companies linked to the US president have close business relationships with the Arab petrostates he visited this week.
WashingtonDonald Trump's first presidential trip to Saudi Arabia, Qatar, and the United Arab Emirates has been marked by the shadow of business. The US president has broken with the tradition of granting the first visit to one of the neighboring countries – such as Canada and Mexico – to meet with the leaders of petro-states at a time when the US economy is recording its worst quarterly GDP data due to its tariff warEven before leaving the United States, the tour was already warming up with Qatar's gift of a luxury plane valued at $400 million. Trump has gladly accepted, and the aircraft is expected to be converted into the new Air Force One.
Beyond the obvious conflict of interest and security risks of accepting a gift like this, the trip to the Middle East has highlighted the close economic ties that have long existed between the Trump clan and these countries. The new US president remains the patriarch of a business conglomerate that has interests in regimes known for currying favors through gifts and money. Some of these deals include, for example, a recent agreement to build a spring luxury golf course in Qatar through a Qatari real estate company, or the Trump Organization's transfer of its brand to two new projects in Saudi Arabia, in collaboration with Dar Global, a London-based real estate developer and subsidiary of the Saudi real estate company Al Arkan.
The real estate world is not the only one in which Trump has business. Since returning to the White House, he has also begun betting on cryptocurrencies. Just before being inaugurated, the Republican launched the cryptocurrencies $TRUMP and $MELANIA. In early May, it was reported that the cryptocurrency company World Liberty Financial – launched with Trump's support – had been chosen by Abu Dhabi to make a two billion dollar investment through Binance, a cryptocurrency exchange platform.
World Liberty announced in March that it would launch the cryptocurrency USD1, a stablecoin pegged to the dollar and backed by US Treasury bonds and other cash equivalents. It is this cryptocurrency that Abu Dhabi-based MGX has chosen to become its largest cryptocurrency exchange, World Liberty co-founder Zach Witkoff announced at a conference in Dubai. Aside from being the company's co-founder, Zach Witkoff is the son of Steve Witkoff, a close friend of Trump appointee. as special envoy for the Middle East and who has now also become the chosen one to travel to Moscow to meet with Vladimir Putin.
Alliances also with family members
Within the Trump clan, there are also names with close ties to the Arab petrostates the president visited this week. Jared Kushner, Ivanka's husband and the president's son-in-law, founded Affinity Partners with a substantial $2 billion investment from the Saudi government's public investment fund. Aside from the $2 billion from Saudi Arabia, a significant portion of the investment Kushner's company came from sovereign wealth funds in Qatar and the United Arab Emirates.
The American company LIV Golf also enjoys the support of the Saudi government and has forged close business relationships with the president. A symbol of this is how LIV Golf has organized several tournaments in the spring Trump's Doral golf course in South Florida. In fact, after announcing the reciprocal tariffs in early April, the US president traveled to Florida to attend a three-day golf tournament organized by this company, mostly founded with Saudi capital. This was the sixth time LIV had used Trump's Doral golf course. The only difference from the previous occasions was that it was the first time the tycoon had attended as US president. Other prominent Republican figures were also present during the event, such as Florida Governor Ron DeSantis.
Amid this web of interests, shortly before Trump made his official trip to the Middle East, his sons Eric and Donald Jr.—who have taken over the reins of the business while the patriarch sits in the Oval Office—had already visited the countries with the aim of seeking out. Eric Trump traveled to Dubai to attend the cryptocurrency conference where Zach Witkoff announced the Saudi investment, and took advantage of his visit to announce the construction of an 80-story Trump Tower in the city. It is expected to be the tallest building in the United Arab Emirates.