The money — foreign business

Not a transaction.
A revenue stream.

Most of this site documents discrete events. This page documents something ongoing: a licensing business that earns money continuously, from countries whose policy is being set by the licensor, and that grew roughly 71% in a single year in office.

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Total reported revenue in 2025, against at least $622M in 2024.
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Foreign licensing income — CNBC's figure. Forbes puts it at $61M.
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Percent of licensing income from Gulf projects (approximate).
Where the sources disagree

Two credible outlets, different numbers.

CNBC's analysis of the disclosure reports $59.5 million in foreign licensing income, with $25.8 million tied to Dar Al Arkan and $11.3 million to Damac. The National, the Eastern Herald and Forbes report roughly $21.9 million and $12.5 million for the same two developers, and Forbes puts the overall total at $61 million.

Both are analysing the same federal filing. The gap comes from inclusion rules — which subsidiaries and which fee categories get counted. Neither is wrong; they are answering slightly different questions.

This site publishes the range. Picking the larger figure would have been easy and would have been indefensible the moment anyone compared the two reports.

The honest frame

Licensing is legal. That's the point.

Nothing on this page is alleged to be a crime. Licensing a brand name is ordinary commerce, the payments are disclosed in a mandatory federal filing, and CNBC found no evidence the payments influenced any administration decision.

What is documented is structural rather than criminal. A sitting president earns continuing income from developers in Saudi Arabia, the UAE and Qatar while setting policy toward those states. The first-term pledge of "no new foreign deals whatsoever" was replaced by a rule barring deals with foreign governments while permitting deals with private foreign companies — in a region where major developers routinely depend on state land, state investment or state partners.

The Foreign Emoluments Clause was written for approximately this situation and has never been definitively adjudicated on facts like these. That is a genuinely unresolved constitutional question, and this site states it as unresolved rather than settled.

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