Trump’s foreign licensing business booms to $59.5 million as Gulf developers pay

President Donald Trump at an official arrival ceremony at Qasr al Watan, or Palace of the Nation, in Abu Dhabi, United Arab Emirates, May 15, 2025.Win Mcnamee | Getty ImagesPresident Donald Trump's foreign real-estate licensing business boomed during his first year back in office, generating $59.5 million in 2025 as international developers paid a premium to brand luxury towers, golf courses and coastal resorts with the Trump name.Foreign licensing revenue, including for the use of the Trump name on properties around the world, rose 71% from 2024. The sum was nearly 10 times higher than in 2023, according to a CNBC analysis of Trump's annual financial disclosure — fueled by the Trump Organization's reversal of the company's first-term pledge to pursue "no new foreign deals whatsoever." The Trump Organization's second-term ethics policy bars new material transactions with foreign governments but allows deals with private foreign companies Four Trump-affiliated licensing LLCs not listed in his 2024 disclosure generated $20.25 million in 2025, accounting for 82% of the increase. Five other licensing LLCs that had previously been listed as inactive generated another $9.64 million. More...