Trump’s Foreign Licensing Income Rose to $59.5 Million in 2025 — More Than 60% of It From the Gulf

President Trump reported $59.5 million in foreign real estate licensing income for 2025, up about 71% from 2024 and roughly ten times his 2023 total, according to a CNBC analysis of his financial disclosure published Aug. 10. More than 60% came from Gulf projects, including about $25.8 million tied to Saudi Arabia’s Dar Al Arkan group and its Dubai arm Dar Global and about $11.3 million tied to the Emirati developer Damac. The Trump Organization has dropped its first-term pledge to avoid new foreign deals.

Several developers involved were simultaneously seeking U.S. approvals or closer relations with Washington, and some projects depend on foreign state-owned land or partners. That overlap is what the Foreign Emoluments Clause was written to address, though its application to licensing fees paid by private foreign companies has never been settled by a court.

CNBC reported finding no direct evidence that the payments changed U.S. policy. The Trump Organization said its business operates separately from the presidency with outside ethics advisers. No investigation has been announced.