Dar Global's Crypto-Funded Trump Hotel Ambitions

Saudi real estate developer Dar Global aims to finance much of its new Trump hotel in the Maldives by selling crypto tokens to U.S. retail investors. In collaboration with The Trump Organization, the firm seeks SEC approval to tokenize 70% of the development, exploring other international options.

Saudi Arabian luxury real estate firm Dar Global is set to embrace the world of blockchain to fund its upcoming hotel venture in the Maldives under the Trump brand. According to CEO Ziad El Chaar, the company plans to sell crypto tokens to American retail investors to cover a significant portion of the project's costs.

Dar Global, partnered with The Trump Organization for several high-profile international projects, hopes to finance up to 70% of the Trump International Hotel in the Maldives through this innovative method. The firm is currently in talks with the U.S. Securities and Exchange Commission (SEC) to gain approval.

Despite potential political implications due to the Trump association, El Chaar emphasized that the focus remains on the development itself and the unique financial strategy. The company is also considering similar opportunities in other countries, pending SEC discussions.

(With inputs from agencies.)