Foreign developers poured $44.6 million into Trump-branded projects in 2024, sharply higher than previous years, as the Trump family resumes global real estate expansion.

A company linked to Indian billionaire Mukesh Ambani paid $10 million to license the Trump name for a project in Mumbai last year, joining a surge of foreign developers pouring money into U.S. President Donald Trump’s real-estate business, according to a financial disclosure report filed Friday.

Reliance 4IR Realty Development, part of the Ambani-controlled Reliance Industries conglomerate, made the payment as part of a broader $44.6 million haul the Trump Organization received in foreign licensing and development fees in 2024, The Wall Street Journal reported.

That marks a sharp rise from $8.2 million in 2023 and $9.4 million in 2022.

The majority of revenue came from previously announced Trump-branded developments in Vietnam, Dubai, and Saudi Arabia, including $22 million from Saudi developer Dar Al Arkan. 

Other notable payments included $5.2 million from Dubai’s Damac Properties and $5 million from Vietnam’s Hung Yen Hospitality.

While Reliance has historically focused on energy, telecom, and retail, it has recently entered real estate, including large-scale redevelopment projects in Mumbai. 

Details of the Trump-branded Mumbai venture were not disclosed.

The burst in overseas deals marks a departure from the Trump family’s previous posture during the president’s first term, when the Trump Organization halted new foreign projects to avoid potential conflicts of interest. 

Now, Trump family members have said they will no longer impose such limits and have instead opted to avoid direct agreements with foreign governments.

“We said we’re going to play by the rules, but we’re not going to go so far as to stymie our business forever,” Donald Trump Jr. said at a business conference in Qatar in May.

The White House said the president remains focused on securing deals for the country, not personal gain.

Trump Media & Technology Group Corp (DJT) has dropped 45.6% year to date, underperforming the SPDR S&P 500 ETF Trust (SPY), which is up 2.2% over the same period.

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