UAE Property Tycoon Leaves Sanctioned Belarus, Joins Kushner Partnership

UAE property tycoon exits Belarus amid sanctions and teams up with Kushner for a new venture. Get the latest updates here!

Apr 7, 2024 - 08:40
Apr 7, 2024 - 08:41
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UAE Property Tycoon Leaves Sanctioned Belarus, Joins Kushner Partnership
UAE Property Tycoon Leaves Sanctioned Belarus, Joins Kushner Partnership

A prominent real estate developer from the UAE, known for his work on Dubai's Burj Khalifa, is selling his property assets in Belarus, a country facing sanctions from the West. This move comes as he partners with Jared Kushner, son-in-law of former US President Donald Trump, for a potential investment in Serbia.

The developer, Mohamed Alabbar, has agreed to sell his stakes in a major property project in Minsk, the capital of Belarus, through his investment company, Symphony Global Holdings. This decision coincides with his collaboration with Kushner to turn a former Yugoslav army headquarters in Serbia into a residential complex.

Alabbar didn't disclose details about the buyer or why he's selling in Belarus, but he expressed optimism about working with Kushner in Serbia. He's excited about the possibility of luxury development in Serbia but didn't provide specifics about their plans.

Kushner mentioned discussions about investing in Belgrade, the capital of Serbia, to transform the army building. However, he cautioned that the deal is still in negotiation.

A source familiar with Kushner's plans in Serbia mentioned Alabbar's advisory role in the project but didn't confirm if he'll invest. They also didn't comment on Alabbar's activities in Belarus.

The sale of Alabbar's assets in Minsk, known as the North Waterfront project, comes at a time when Belarus is facing international scrutiny for its involvement in Russia's conflict with Ukraine. Although Belarus isn't directly involved in the conflict, it's facing sanctions from the US for supporting Russia's actions.

The North Waterfront project, initiated by Belarusian President Alexander Lukashenko in 2021, saw Alabbar's involvement through a government decree. However, his decision to sell surprised Belarusian authorities.

Kushner's potential investment plans in Serbia were revealed when documents were released by an opposition lawmaker, Aleksandar Jovanovic. These documents showed preparations for a real estate partnership with Kushner, confirmed by Serbian President Aleksandar Vucic.

Kushner denied receiving special treatment for the Belgrade project due to his previous ties to the Trump administration, emphasizing the fairness of the proposed venture.

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