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NEW DELHI: An investment group led by Jared Kushner, the son-in-law for former US President Donald Trump, has secured a deal to build a $500 million luxury hotel in Serbia on the site of a military complex bombed by Nato in 1999.
The Serbian government signed a 99-year lease deal on Wednesday with Affinity Global Development, a Kushner-affiliated investment firm backed by Saudi Arabia’s sovereign wealth fund.Working in partnership with Richard Grenell, former acting director of national intelligence under the Trump administration, Kushner plans to convert the heavily damaged former Yugoslav army headquarters into a luxury hotel.
Grenell, who served as the US ambassador to Germany and a special envoy to the Balkans in 2019, initially suggested that US investors redevelop the bombed-out army complex. Kushner, who also has luxury hotel projects planned in neighboring Albania, said the redevelopment will “further elevate Belgrade into the premier international destination it is becoming.”
Comprehensive redevelopment plans
The Serbian project will include apartments, retail space, and a memorial to those killed during Nato’s bombing campaign. The agreement involves redeveloping a three-block area and sharing profits with the Serbian government. The government will retain ownership of the site and may nullify the lease if the development isn’t completed on time.
Opposition and criticism
Opposition party politicians protested the venture on Thursday, displaying signs saying, “Stop giving army HQ as a present to American offshore companies.” Lawmaker Dragan Jonic, attending the protest, commented, “Somebody is trying to clear up the mess that they did, and they are not those who should do anything in this place.”
A Serbian official defended the Kushner-Grenell deal, stating, “The government of Serbia has chosen a reputable American company as a partner in this venture, which will invest in the revitalization of the former Federal Secretariat for National Defense complex.”
Potential conflicts of interest
Kushner’s investment funds are primarily backed by foreign investors, including those from Israel, Germany, and the United Arab Emirates. Critics suggest that projects like the Serbian hotel create potential conflicts of interest, especially if Trump wins back the presidency, potentially advancing the financial interests of his family members.
In March, Congressional Democrats called for an investigation into Kushner’s overseas ventures following a New York Times report on his development plans in the Balkans. Representatives Jamie Raskin (D-Maryland) and Robert Garcia (D-California) stated, “Jared Kushner is pursuing new foreign business deals just as Donald Trump becomes the presumptive Republican nominee for the presidency.”
Kushner argues that as a private citizen, he is free to pursue overseas business opportunities, including those involving foreign governments.
Historical context
In 1999, Nato intervened in the conflict between the Serbian government and Albanian separatists in Kosovo. Western planes bombed targets in Serbia and Montenegro for 78 days, forcing Belgrade to withdraw police and the army from Kosovo. Nato-led peacekeepers were subsequently deployed in the province.
The Western-backed Albanian authorities declared Kosovo’s independence in 2008. However, Serbia and several countries, including Russia and China, still consider Kosovo Serbian territory.
The Serbian government signed a 99-year lease deal on Wednesday with Affinity Global Development, a Kushner-affiliated investment firm backed by Saudi Arabia’s sovereign wealth fund.Working in partnership with Richard Grenell, former acting director of national intelligence under the Trump administration, Kushner plans to convert the heavily damaged former Yugoslav army headquarters into a luxury hotel.
Grenell, who served as the US ambassador to Germany and a special envoy to the Balkans in 2019, initially suggested that US investors redevelop the bombed-out army complex. Kushner, who also has luxury hotel projects planned in neighboring Albania, said the redevelopment will “further elevate Belgrade into the premier international destination it is becoming.”
Comprehensive redevelopment plans
The Serbian project will include apartments, retail space, and a memorial to those killed during Nato’s bombing campaign. The agreement involves redeveloping a three-block area and sharing profits with the Serbian government. The government will retain ownership of the site and may nullify the lease if the development isn’t completed on time.
Opposition and criticism
Opposition party politicians protested the venture on Thursday, displaying signs saying, “Stop giving army HQ as a present to American offshore companies.” Lawmaker Dragan Jonic, attending the protest, commented, “Somebody is trying to clear up the mess that they did, and they are not those who should do anything in this place.”
A Serbian official defended the Kushner-Grenell deal, stating, “The government of Serbia has chosen a reputable American company as a partner in this venture, which will invest in the revitalization of the former Federal Secretariat for National Defense complex.”
Potential conflicts of interest
Kushner’s investment funds are primarily backed by foreign investors, including those from Israel, Germany, and the United Arab Emirates. Critics suggest that projects like the Serbian hotel create potential conflicts of interest, especially if Trump wins back the presidency, potentially advancing the financial interests of his family members.
In March, Congressional Democrats called for an investigation into Kushner’s overseas ventures following a New York Times report on his development plans in the Balkans. Representatives Jamie Raskin (D-Maryland) and Robert Garcia (D-California) stated, “Jared Kushner is pursuing new foreign business deals just as Donald Trump becomes the presumptive Republican nominee for the presidency.”
Kushner argues that as a private citizen, he is free to pursue overseas business opportunities, including those involving foreign governments.
Historical context
In 1999, Nato intervened in the conflict between the Serbian government and Albanian separatists in Kosovo. Western planes bombed targets in Serbia and Montenegro for 78 days, forcing Belgrade to withdraw police and the army from Kosovo. Nato-led peacekeepers were subsequently deployed in the province.
The Western-backed Albanian authorities declared Kosovo’s independence in 2008. However, Serbia and several countries, including Russia and China, still consider Kosovo Serbian territory.
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