In 2025, Donald Trump's foreign real-estate licensing business experienced a remarkable 71% increase in revenue compared to 2024, reaching $59.5 million. This growth is attributed to international developers, particularly from Gulf countries, who are willing to pay a premium to associate their luxury properties with the Trump brand.
Notably, four Trump-affiliated licensing LLCs contributed $20.25 million, accounting for 82% of the revenue increase. The Trump Organization's second-term policy allows deals with private foreign companies, despite a commitment to avoid new foreign government transactions.
The majority of the licensing income originated from Gulf nations, with significant contributions from developers like Saudi-linked Dar Al Arkan and UAE-based Damac. This situation has raised alarms among ethics watchdogs, who argue that it creates a visible conflict between Trump's public role and private wealth.
Legal experts have pointed out potential violations of the Constitution's Foreign Emoluments Clause, although there is no evidence suggesting that licensing payments influenced government decisions. Critics emphasize that the Trump brand signals political access, which could lead to conflicts of interest, especially as Gulf developers seek favorable treatment in the U.S. market.
The licensing model allows developers to pay for the right to use the Trump name, often before projects are built, which raises further ethical questions about the intertwining of Trump's business interests and his administration's policies