Jared Kushner’s Latest Massive Foreign Investment Deal Sparks Uproar
Jared Kushner secured a massive $500 million contract with the state of Serbia to build a hotel on the memorialized ruins of a former military base in Belgrade, The New York Times reported Thursday.
The announcement of the contract reportedly provoked protests in Belgrade against the deal, which is being bankrolled by Kushner’s Saudi-backed investment company, Affinity Partners. In defense of the contract, a Serbian government official described Kushner’s company primarily funded by foreign interests as a “reputable American company.”
“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,” the statement read. The deal with Kushner’s company inked by Serbian officials includes a 99-year lease to convert the site into a luxury hotel, commercial space, and over 1,500 residential units.
This is one of the biggest investment deals Kushner has landed while his father-in-law, Donald Trump, runs for president.
Prior to approval of the contract, public officials in Serbia heavily opposed the deal for its insensitivity and potential for political manipulation. Serbian politician Borko Stefanovic described the location as “one of the pearls of pre-war architecture” to The Daily Beast, noting, “Most Serbs believe this site should not be desecrated in any way.”
A petition was launched in Serbia against the contract with Kushner in late March that generated 10,000 signatures in a matter of hours and over 25,000 within days, according to The Daily Beast. The location has long been sought after by Trump and his acolytes: In 2013, Trump expressed interest in turning the site into a hotel. In 2020, while serving as a diplomat for Trump, Richard Grenell—who joins Kushner on this contract—suggested “repairing” the complex.
The Yugoslav Ministry of Defense military complex was bombed by NATO forces in 1999 during a U.S.-backed campaign that killed an estimated 2,000 civilians and lasted until the Yugoslav Army retreated from Kosovo during the Kosovo War. The prospect of a U.S. company building anything on the site was described by Politico as “if the Taliban wanted to build a luxury apartment compound on the site of New York’s Twin Towers.”