MUMBAI (Diya TV) — India’s richest man, Mukesh Ambani, has become the latest global business figure to strike a high-profile deal with President Donald Trump’s real estate firm, as the Trump family accelerates international expansion during the 2024 election year.
According to The Wall Street Journal, Ambani’s company, Reliance 4IR Realty Development, paid a $10 million development fee to license the Trump brand in Mumbai, as disclosed in the president’s annual financial report. This deal marks a significant step into real estate for Ambani, whose conglomerate Reliance Industries has traditionally focused on petrochemicals, retail, and telecom.
The Trump Organization earned $44.6 million in foreign licensing and development fees in 2024—up sharply from $8.2 million in 2023 and $9.4 million in 2022. Much of the money came from projects previously announced in Vietnam, Dubai, Saudi Arabia, and Qatar, according to the financial disclosure.
The renewed dealmaking spree signals a clear shift from the Trump Organization’s previous stance. During Trump’s first term, the company pledged to pause foreign projects to avoid perceived conflicts of interest. However, that self-imposed restriction has now loosened.
“We said we’re going to play by the rules, but we’re not going to stymie our business forever,” Donald Trump Jr. said in May at a Qatar business forum.
Under the current policy, the family has vowed only to avoid direct business with foreign governments, not private entities. Critics argue this shift opens the door to ethical concerns, particularly in regions where government approvals and political influence often shape real estate development.
Among the most active Trump partners is Dar Al Arkan, a Saudi developer that contributed $22 million last year through licensing deals for Trump-branded projects in Saudi Arabia, Oman, and Dubai, the Journal reports.
Other payments included $5 million from Vietnam’s Hung Yen Hospitality and $5.2 million from Dubai’s Damac Properties, also involved in Trump-branded developments.
In Vietnam, the government reportedly accelerated approvals for a Trump project while lobbying the U.S. to reduce tariffs, drawing scrutiny from governance watchdogs. Similarly, in Qatar, Eric Trump attended the launch of a Trump-branded golf resort just weeks before President Trump visited for trade talks.
Meanwhile, in Serbia, a proposed tower complex tied to Jared Kushner—Trump’s son-in-law—has become politically contentious, with opposition leaders claiming it shows bias from the current Serbian administration.
Ambani’s involvement adds another layer of complexity. While Reliance has not been known for real estate ventures, the conglomerate has recently undertaken large-scale projects, including redevelopment efforts across more than 4,000 acres in Mumbai.
Reliance also maintains a robust lobbying presence in Washington, focusing on tariffs, energy policies, and sanctions. The nature of the Mumbai project linked to Trump remains unclear, and representatives from both Reliance and the Trump Organization declined to comment to the Journal.
Ambani, notably, attended Trump’s 2017 inauguration and was recently seen at a state dinner in Doha hosted by the Qatar emir.
The revival of Trump’s international business network—especially while he campaigns to reclaim the White House—raises ethical red flags. Critics argue that the very structure of real estate development, which often depends on local government cooperation, blurs the lines between private enterprise and global diplomacy.
Still, the White House insists there are no conflicts of interest. A spokesperson said the president is focused on delivering “deals for the American people, not for himself.”
Whether that line holds amid growing global business entanglements—and rising licensing fees—remains to be seen.
