President Donald Trump’s latest mandatory financial disclosure to the U.S. Office of Government Ethics revealed he earned $38 million in licensing fees from developers in Oman, Qatar, Saudi Arabia and the United Arab Emirates, with Trump-branded golf courses and towers planned across the Gulf. A spokesperson for the Trump Organization defended the company’s finances in response to the filing, describing it as backed by strong assets and ample cash reserves while emphasizing the 927-page report’s transparency. The disclosures, which also showed Trump’s global revenue at least $2.2 billion partly from a crypto venture, highlight his expanding business footprint in a region central to U.S. foreign policy—many deals were signed after his first term ended in 2021.