President Donald Trump generated $59.5 million in foreign real estate licensing income during 2025, according to a CNBC analysis of his financial disclosure papers. This represented a 71% surge from 2024 and a nearly tenfold spike from 2023.
Nearly two-thirds came of this income derived from Trump Organization projects in the Gulf region, including $25.8 million tied to Saudi Arabian developer Dar Al Arkan and its subsidiaries and $11.3 million linked to Dubai-based Damac. The company’s projects linked to the United Arab Emirates generated roughly $22 million in licensing income for Trump last year, followed by Saudi Arabia with $9 million and Qatar with $5 million.
CNBC stated that it “found no evidence that the payments influenced administration decisions or resulted in special treatment.” The Trump Organization told CNBC it operates “completely separate from the presidency” while maintaining compliance with ethics and conflict-of-interest laws. The company added that it employs a third-party ethics adviser to prevent conflicts, while its internal policy prohibits new transactions with foreign governments.
However, the Trump Organization conducts deals with privately owned foreign companies. Scott Anderson, a Brookings Institution senior fellow and Lawfare blog general counsel and senior editor, questioned whether the lines between foreign government and foreign companies were blurred.
“The central issue is whether payments routed through a private developer can still be attributed to a foreign state when a government-controlled company owns the land, finances the project or participates in its development,” said Anderson.
Scott Greytak, deputy executive director of Transparency International US, an anti-corruption nonprofit, warned that any profit-making interaction by an incumbent president is problematic.
“Foreign governments and politically connected businesses now have a direct, incredibly visible way to put money into the sitting president’s pocket,” said Greytak. “The conflict is already in plain sight right now. We don’t need to wait for some kind of smoking gun to see a quid pro quo.”
0 Comments