WASHINGTON – It’s not merely the “gesture” of a $400 million luxury plane that President Donald Trump claims he is wise to accept from Qatar, nor is it solely the fact that his first significant foreign trip’s destination was essentially auctioned off to Saudi Arabia, due to their willingness to make significant investments in U.S. companies.

It’s not even that the Trump family has fast-growing business ties in the Middle East, ones that run deep and offer the potential of vast profits.

Rather, it’s about how these elements and more — deals that demonstrate the close connections between a family whose head governs the U.S. and a region where leaders frequently secure favor with money and extravagant gifts — might lead the U.S. to show special consideration towards Middle Eastern leaders in matters concerning American state affairs.

Even before Trump embarked on this week’s visit to Saudi Arabia, Qatar, and the United Arab Emirates, his sons Eric and Donald Jr. had already spent considerable time in the Middle East recently. Their purpose was to generate business for The Trump Organization, which they manage in their father’s absence while he serves as President.

Their travels included Eric Trump announcing plans for a glitzy, 80-story Trump Tower in Dubai, the UAE’s largest city. He also attended a recent cryptocurrency conference there with Zach Witkoff, a founder of the Trump family crypto firm, World Liberty Financial, and son of Trump’s do-everything envoy to the Middle East, Steve Witkoff.

“We are proud to expand our presence in the region,” Eric Trump said last month in announcing that Trump Tower Dubai was set to start construction this fall.

The presidential visit to the region as his children work the same part of the world for the family’s money-making opportunities puts a spotlight on Trump’s willingness to embrace foreign dealmaking as president — even in the face of mounting concerns that doing so could tempt him to shape U.S. foreign policy in ways that benefit his family’s bottom line.

Nowhere is the potential overlap more prevalent than in the Middle East

The Trump family’s business interests in the region include a new deal to build a luxury golf resort in Qatar, partnering with Qatari Diar, a real estate company backed by that country’s sovereign wealth fund. The family is also leasing its brand to two new real estate projects in Riyadh, Saudi Arabia’s capital, in partnership with Dar Global, a London-based luxury real estate developer and subsidiary of private Saudi real estate firm Al Arkan.

The Trump Organization has similarly partnered with Dar Global on a Trump Tower set to be built in Jeddah, Saudi Arabia, and an upcoming Trump International Hotel and luxury golf development in neighboring Oman.

During the crypto conference, meanwhile, a state-backed investment company in Abu Dhabi announced it had chosen USD, World Liberty Financial’s stablecoin, to back a $2 billion investment in Binance, the world’s largest cryptocurrency exchange. Critics say that allows Trump family-aligned interests to essentially take a cut of each dollar invested.

Then there’s the Saudi government-backed LIV Golf, which has forged close business relationships with the president and hosted tournaments at Trump’s Doral resort in South Florida.

“Given the extensive ties between LIV Golf and the PIF, or between Trump enterprises more generally and the Gulf, I’d say there’s a pretty glaring conflict of interest here,” said Jon Hoffman, a research fellow in defense and foreign policy at the libertarian think tank the Cato Institute. He was referring to Saudi Arabia’s Public Investment Fund, which has invested heavily in everything from global sports giants to video game maker Nintendo with the aim of diversifying the kingdom’s economy beyond oil.

Trump further announced in January a $20 billion investment for U.S. data centers promised by DAMAC Properties, an Emirati company led by billionaire Dubai developer Hussain Sajwani. Trump bills that as benefiting the country’s technological and economic standing rather than his family business. But Sajwani was a close business partner of Trump and his family since long before the 2016 election.

White House bristles at conflict of interest concerns

Asked before he left for the Middle East if Trump might use the trip to meet with people tied to his family’s business, White House press secretary Karoline Leavitt said it was “ridiculous” to “suggest that President Trump is doing anything for his own benefit.”

“The president is abiding by all conflict of interest laws,” she said.

Administration officials have similarly brushed off such concerns about the president’s policy decisions bleeding into the business interests of his family by noting that Trump’s assets are in a trust managed by his children. A voluntary ethics agreement released by the Trump Organization also bars the firm from striking deals directly with foreign governments.

But that same agreement still allows deals with private companies abroad — a key departure from Trump’s first term, when the organization released an ethics pact prohibiting deals with both foreign governments and foreign companies.

The president, according to the second-term ethics agreement, isn’t involved in any day-to-day decision-making for the family business. But his political and corporate brands remain inextricably linked.

“The president is a successful businessman,” Leavitt said, “and I think, frankly, that it’s one of the many reasons that people reelected him back to this office.”

Timothy P. Carney, senior fellow at the conservative American Enterprise Institute, said he doesn’t want to see U.S. foreign policy being affected by Trump’s feelings about how other countries have treated his family’s business.

“Even if he’s not running the company, he profits when the company does well,” Carney said. “When he leaves the White House, the company is worth more, his personal wealth goes up.”

Promises of US investment shaped Trump’s trip

His family business aside, the president wasn’t shy about saying he’d shape the itinerary of his first extended overseas trip on quid pro quo.

Trump’s first stop on this week’s trip was Saudi Arabia, just as during his first term. He picked the destination after he said the kingdom had pledged to spend $1 trillion on U.S. companies over four years. The White House has since announced that the actual figure is $600 billion, and how much of that will actually be new investment — or come to fruition — remains to be seen.

The president is also stopping in the United Arab Emirates, which has pledged $1.4 trillion in U.S. investments over the next 10 years, and in Qatar, where Trump says accepting the gift of a Boeing 747 from the ruling family is a no-brainer, dismissing security and ethical concerns raised by Democrats and even some conservatives.

Trump’s Middle East business ties predate his presidencies

Trump’s first commercial foray in the Middle East came in 2005, during just his second year of starring on “The Apprentice.” A Trump Tower Dubai project was envisioned as a tulip-shaped hotel to be perched on the city’s manmade island shaped like a palm tree.

It never materialized.

Instead, February 2017 saw the announced opening of Trump International Golf Club Dubai, with Sajwani’s DAMAC Properties. Just a month earlier, Trump had said that Sajwani had tried to make a $2 billion deal with him, “And I turned it down.”

“I didn’t have to turn it down, because as you know, I have a no-conflict situation because I’m president,” Trump said then.

This January, there was a beaming Sajwani standing triumphantly by Trump’s side at his Mar-a-Lago estate in Florida, to announce DAMAC’s investment in U.S. data centers.

“It’s been amazing news for me and my family when he was elected in November,” Sajwani said. “For the last four years, we’ve been waiting for this moment.”