The Serbian government has approved a contract with Jared Kushner and Richard Grenell to build a luxury hotel on the site of the former defense ministry in Belgrade, despite protests. The $500 million project will be pursued in partnership with an affiliate of Kushner’s Affinity Partners, funded by the Saudi Arabian sovereign wealth fund. The complex was bombed by NATO forces in 1999 and is now a prime real estate site in Belgrade. Kushner’s investments in the Balkans are among the largest he has made through his investment firm.
Kushner’s projects in Serbia and Albania both involve direct concessions from the governments, raising concerns about conflicts of interest while his father-in-law, Donald Trump, vies to return to the White House. The majority of the funding for his investments comes from foreign sources, including the Saudi government, creating questions about potential conflicts if Trump is re-elected. Mr. Kushner has stated that his overseas investments will not be a conflict of interest, as he does not plan to return to the White House if Trump is re-elected.
The approved plan for the hotel project includes a museum and memorial complex to honor those injured or killed during the NATO bombings. It also involves the construction of residential units, retail space, and other amenities. A longtime real estate partner, Asher Abehsera, will oversee the development of the project. The Serbian government will retain ownership of the site, and the investor group has a set period to complete the project.
The approval of the contract has faced criticism from opposition leaders in the Serbian parliament, with protesters blocking traffic and questioning the decision to partner with American companies. Some in Serbia object to the plan due to the United States’ role in the bombing that took place 25 years ago. House Democrats have also raised concerns about the deals, asking Republicans to investigate, but there has been no action taken by the Republicans on the House Oversight and Accountability Committee.
Despite the controversy surrounding the project, Mr. Kushner has defended his right as a private citizen to pursue international real estate and business deals, even if they involve foreign governments. Affinity Partners’ involvement in the projects is seen as a sign of credibility and professionalism. The Serbian government has stated that they will maintain ownership of the site and that the investor group’s agreement includes a 99-year lease and profit-sharing arrangement. Protests and criticism continue to surround the luxury hotel project in Belgrade.
