On the 13th (local time), President Donald Trump is facing controversy over potential conflicts of interest regarding his first overseas trip after the 'second term,' visiting three Middle Eastern countries. With the Trump family expanding their business in the Middle East, there are concerns that President Trump may attempt business transactions with Middle Eastern nations during this trip.
President Trump is scheduled to begin his visit in Saudi Arabia, followed by Qatar and the United Arab Emirates. The Wall Street Journal (WSJ) reported that "President Trump will seek investments from the world's wealthiest oil nations during his Middle Eastern tour" and noted, "His family and close associates have already been rapidly finalizing business transactions in the region."
Earlier this month, the government and royal family of the United Arab Emirates (UAE) invested in the cryptocurrency exchange Binance using a $2 billion (approximately 2.8 trillion won) stablecoin issued by World Liberty Financial, a cryptocurrency company owned by the Trump family. Eric Trump, the youngest son leading the Trump Organization, also visited Qatar and the UAE earlier this month to manage schedules related to cryptocurrency businesses.
Last month in Qatar, plans for the construction of a golf course and luxury villa complex named after President Trump were announced, and Eric Trump attended the signing ceremony for the construction contract. Additionally, Eric Trump appeared at a party held prior to the launch of Trump International Hotel and Tower during his visit to Dubai this month. According to the WSJ, over the past year, Trump residential towers have been launched in Dubai and Jeddah, Saudi Arabia.
Trump's close associates are also receiving investments in the Middle East. The three countries on this trip have all previously committed to investing over $3.5 billion (approximately 4.9 trillion won) in the hedge fund operated by Trump's son-in-law, Jared Kushner. Qatar and the UAE are major investors in a $6 billion (approximately 8.4 trillion won) investment round for xAI, an artificial intelligence company founded by Trump's advisor Elon Musk. In February, Dubai commissioned Musk's tunneling company, The Boring Company, to build an 11-mile (approximately 17 km) tunnel.
The New York Times (NYT) stated, "President Trump will push a series of financial transactions to create jobs for American workers during his trip, rather than painting a broad picture," adding, "This aligns with the expansion of the President's family business. His family is currently involved in six transactions, including deals with a real estate company that has the Saudi government as a major shareholder, cryptocurrency transactions with UAE government affiliates, and a golf and luxury villa project supported by the Qatari government."
David Schenker, who served as the chief official for Middle Eastern affairs at the U.S. State Department during Trump's first term, remarked, "It seems that national interests overlap with the President's personal interests in some ways" and added, "This is clearly a way of conducting business in the U.S. that has no precedent." The WSJ noted that "the intertwining of geopolitics and personal interests in such an overt manner differs from long-standing norms in the United States."
The Washington Post (WP) also reported that "White House officials have stated that President Trump will not focus on security issues during his time in the Middle East," noting that "This indicates that President Trump has a more passive view of America's role in the world and shows a concentrated interest in domestic businesses and investments."
Middle Eastern countries are also trying to address their own aspirations through investments in the Trump family. The Trump administration has worked towards mediating peace agreements in the Gaza Strip, concluding a new nuclear agreement with Iran, and cessation of attacks by Houthi rebels in Yemen in its early days. The WSJ reported, "All these issues are significant matters for Gulf states," and recently, President Trump is also considering changing 'Persian Gulf' to 'Arabian Gulf' in response to demands from Gulf nations. 'Persian Gulf' derives from the old Persian name for Iran and has been a source of dissatisfaction among Gulf states.
The White House is denying the conflict of interest controversy. White House spokesperson Caroline Levitt stated, in response to questions about whether President Trump's businesses would benefit from this trip, "The claim that President Trump is acting for his own advantage is absurd," adding, "He is dedicated to public office, moving away from a luxurious life and a very successful real estate businessman." She also stated, "President Trump will return having strengthened his vision for a Middle East in which the United States and Middle Eastern nations establish a cooperative relationship, replacing extremism with commerce and cultural exchanges."