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Saudi Arabia-headquartered real estate developer Dar Global is preparing to award the main construction contract to build the Trump Tower development in Jeddah.

"The bid evaluation process has reached the final stages, and the contract could be finalised in a few weeks," sources close to the project told MEED.

The enabling works have already started and are being undertaken by local firm Specialised Italian Foundation Company.

The 47-floor tower is expected to be developed at an estimated cost of SR2bn ($532m).

Dar Global is developing the project in collaboration with the US-based Trump Organisation.

The project is the latest addition to Dar Global's portfolio after it announced the development of two new projects in Riyadh with the Trump Organisation.

The announcement follows a partnership deal signed by Dar Global in September last year with Geneva-based jeweller Mouawad to develop a residential project in Riyadh.

The estimated SR880m ($234m) development will offer 200 residential villas north of Riyadh, close to the Expo 2030 site.

The development is expected to be completed by 2026.

According to an official statement, Dar Global has $7.5bn-worth of projects under development in six countries: the UAE, Oman, Qatar, the UK, Spain and Saudi Arabia.

UK analytics firm GlobalData expects the kingdom's construction industry to record an annual average growth rate of 5.2% in 2025-28, supported by investments in transport, electricity, housing and tourism infrastructure projects and the Saudi gigaprojects programme.

The industry will also be supported by the government’s aim of increasing homeownership from 62% in 2020 to 70% by 2030, as part of Saudi Vision 2030.