Donald Trump’s family business, The Trump Organization, has signed a deal to license its name to a resort in Oman that is being developed by Saudi Arabia’s Dar Al Arkan, according to The New York Times.

The Riyadh-based developer, which announced its first Oman project in March, has agreed to license the Trump name for the $1.6 billion project, the report said.

The development, known as Aida, will be on the outskirts of Omani capital Muscat, will include 3,500 new homes and two hotels comprising 450 rooms as well as a golf course. 

The agreement is the first of its kind by the Trump family since President Trump left the White House in January 2021 following his failed second Presidential bid, the paper said, adding, that the former President and his family business had agreed not to sign such agreements while incumbent. 

The report said deals of this nature typically involve the Trump Organization receiving a cut of property sales or golf course revenue in exchange for use of the Trump name.

It is not yet known whether either of the Oman hotels will carry the Trump name, but a golf course which will be developed at the resort will become the 17th in the organisation’s collection, it concluded.

An earlier similar project in Dubai is the Trump International Golf Course at Damac Hills.

The Dar Al Arkan project announcement has been revealed as Trump was expected to announce his third Presidential run from his Florida resort home, Mar-a-Lago later today (Tuesday).

The Saudi developer last week reported a Q3 profit of SAR 79.4 million ($21.2 million), up from SAR 25.2 million in 2021, with revenue for the quarter reaching SAR 742.5 million and SAR 3.04 billion for the first nine months of the year.

Prior to that, the company told the Saudi Stock Exchange, Tadawul, that it was considering listing its Dubai business on an international stock exchange.

(Reporting by Imogen Lillywhite; editing by  Seban Scaria)