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CNBC Top News · 10 August 2026 source

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

R2/ 10
Lightly altered
Rubbish Rating — 1 = base fact, 10 = pure rubbish
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In short
Rubbish Talk rates CNBC's claim that Trump's foreign licensing income "booms to $59.5 million" a 2/10 because the figure, the 71% year-on-year jump, and the Gulf's majority share are all drawn directly from Trump's own OGE financial disclosure and line up with independent tallies (CREW put the same figure at $59 million).
The Verdict
Lightly altered. "Booms" is a punchy verb, but it's earned: 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, and the underlying growth rate justifies the word. The one soft spot is that the headline doesn't flag the well-known measurement quirk in these disclosures, ranges rather than exact dollars, that causes rival outlets to land on different totals ($59M-$61M) for the same year.

What actually happened

Trump's 2025 federal financial disclosure shows a sharp rise in income from licensing the Trump name to foreign property developers, concentrated in Gulf states. The jump follows the Trump Organization's abandonment of its first-term pledge to avoid new foreign deals, and CNBC traces the increase to newly active and newly disclosed licensing entities rather than organic growth in existing ones.

Key facts

  • Foreign licensing revenue hit $59.5 million in 2025, rose 71% from 2024, and was nearly 10 times higher than in 2023, according to CNBC's analysis of the disclosure.
  • Four Trump-affiliated licensing LLCs not listed in his 2024 disclosure generated $20.25 million in 2025, accounting for 82% of the increase; five previously "inactive" LLCs added another $9.64 million.
  • More than 60% of the licensing income came from projects in Gulf countries, with UAE projects generating roughly $22 million, Saudi Arabia $9 million and Qatar $5 million.
  • Two Gulf developers dominate: Dar Al Arkan/Dar Global at $25.8 million and Damac at $11.3 million, including two $5 million fees for an Abu Dhabi project with no active Trump development yet.
  • CNBC states it found no evidence that any licensing payment influenced an administration decision, that a developer received special treatment or that Trump intervened on a company's behalf.
  • Independent corroboration: CREW's separate analysis of the same disclosure found licensing/development revenue reaching roughly $59 million in 2025, essentially matching CNBC's figure.

What to watch for

Other outlets (Forbes, CREW) derived slightly different totals ($59M-$61M) and growth rates (30%-71%) from the same filing because OGE disclosures report income in coded ranges, not exact dollars, so methodology matters. Watch whether the Damac Abu Dhabi pre-construction fees convert into an actual project, and whether the 2026 filing shows Sajwani's $20 billion U.S. data-center pledge translating into further Trump Organization licensing income.

About this scoreThe R-Score is Rubbish Talk's editorial opinion on how far a headline's framing sits from what the underlying facts support. It is a judgement about presentation and emphasis, not an allegation that any outlet has acted dishonestly. Every figure we rely on is linked under Receipts so you can check it yourself.
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