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Kushner said Affinity will team up with Mohamed Alabbar, the founder of Dubai-based Emaar Properties, to develop the luxury hotel and apartment complex in Serbia.
The Albanian government has given preliminary approval to the plan proposed by Jared Kushner, Donald J. Trump's son-in-law, to build a $1.4 billion luxury hotel complex on the island of Sazan.
The approval by Albania's Strategic Investment Committee, chaired by Prime Minister Edi Rama, has given Kushner and his business partners the right to advance with accelerated negotiations for the construction of the luxury resort on a 111-acre area on Sazan Island.
In an interview with "Bloomberg", Jared Kushner himself reacted to the Albanian government's decision, stating that he is close to finalizing agreements in the Balkans, while emphasizing that he hopes that these will not be the only ones.
But during the interview with Bloomberg, Kushner said that Affinity will team up with Mohamed Alabbar, the founder of Dubai-based Emaar Properties, to develop the luxury hotel and apartment complex in Serbia, the same company that has undertaken to build the port of Durres.
This statement by Kushner raises doubts that the same name may be hidden behind the Sazan project, which, amidst many objections and doubts, took on the project to build the port of Durres.
Bloomberg writing:
As Donald Trump returns to the White House, his son-in-law Jared Kushner is launching an overseas business venture that will bear Trump's name.
Affinity Partners, the investment firm Kushner founded after leaving the White House, and Emirati billionaire Mohamed Alabbar will develop a luxury hotel and apartment complex in the Serbian capital, Belgrade, on the site of the former Yugoslav defense ministry. Trump considered a similar idea before running for president in 2016.
His Trump tag, Kushner said, came after his father-in-law was re-elected in November.
“ We talked to a few brands last year about the hotel ,” Kushner said in an interview with Bloomberg. After a local push for the Trump name, Kushner said he discussed it with Eric Trump, his brother-in-law and executive vice president at the Trump Organization, and they settled on the licensing deal.
" I thought the tower would be an incredible Trump Tower, so I talked to Eric about it and he was very excited. So we're going to bring them in as our hotel partner ," Kushner said of the proposed design.
The partnership with the Trump Organization — just before Donald Trump’s second term as president — could bring Affinity back into the fold of its critics. Democratic lawmakers have questioned whether the firm was designed as a way for foreign governments to pay off Trump officials without going public.
Kushner and Alabbar, whose firm Emaar Properties PJSC developed Dubai’s Burj Khalifa, plan to start sales this year for the Belgrade project — a 175-room hotel with 1,500 residences for sale. It will be built on a NATO-bombed site still owned by the Serbian government, which granted Affinity a 99-year lease, sparking some backlash in the city.
Kushner said he first met Alabbar more than a decade ago on a trip to Dubai, and the Emirati later spoke in Bahrain at his Peace for Prosperity event - a White House-led conference aimed at promoting a Middle East peace plan.
Kushner's father, Charles, was previously introduced to the developer through a rabbi friend. The Serbia project marks their initial business venture together, though Kushner said he hopes it will be " the first of many projects . "
In October, he and Alabbar registered a new special purpose vehicle, Atlantic Eagle Dhabi Partners Holding Ltd., inside the Abu Dhabi Global Market, filings show.
" We are committed to delivering a project that reflects the dynamic spirit and cultural heritage of the city ," Alabbar said in a statement.
Eric Trump sees the property, which is located on a major boulevard in Belgrade, as an opportunity to expand the Trump Organization's presence in Europe. Kushner called it a "potential crown jewel for Serbia."
" We are helping to bring a lot of capital to a city that is undergoing major reforms. We are raising the profile of Belgrade. This makes more countries want to do business with us moving forward ," he said.
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