Alabbar sells assets in Belarus/ Joins Donald Trump's son-in-law in the Balkans

2024-04-07 19:38:00, Aktualitet CNA

Alabbar sells assets in Belarus/ Joins Donald Trump's son-in-law in the

Mohammed Alabbar

The Emirati real estate investor behind Dubai's iconic skyscraper Burj Khalifa has initiated the sale of property assets it owns in Belarus, a country targeted by Western sanctions, as it will partner with Jared Kushner on an investment possible in Serbia.

Mohammed Alabbar, the real estate tycoon of the Arab Emirates, has reached a preliminary agreement to sell his multibillion-dollar interests in Minsk, the capital of Belarus, through his company Symphony Global Holdings.

The Emirates company's departure from Belarus comes amid a new collaboration with Kushner, the son-in-law of former US President Donald Trump, to redevelop a former Yugoslav army headquarters building in Serbia into a residential complex.

Jared Kushner

Contacted by Reuters , Alabbar declined to answer questions about the identity of the potential buyer, nor to discuss the reasons behind the decision to sell Minsk's assets.

Regarding Serbia, the billionaire said he "views collaborations with Kushner positively" and was "very excited about more high-level developments in the market," but did not elaborate on what the partnership would entail.

A person familiar with Kushner's plans in Serbia said Alabbar was involved in the redevelopment as an adviser and it was too early to say whether the Emirates would also invest in it. The person declined to comment on Alabbar's activities in Belarus.

Reuters could not determine who proposed to buy Alabbar's interests in the Minsk development, known as the North Waterfront, or the terms of the preliminary agreement.

Mohammed Alabbar

While Minsk is not at war with Kiev, Belarusian President Alexander Lukashenko has allowed Russian troops to use his territory to launch attacks on Ukraine. The United States has passed a series of sanctions against Belarus over Russia's war aid, barring American citizens from doing business with Lukashenko and some members of his circle.

Lukashenko was personally involved in the North Waterfront project, kicking off development with a May 2021 decree calling for the creation of a large residential complex along water reservoirs in northern Minsk and assigning the lead role to one of Alabbar's companies.

A spokesman for Lukashenko said the preliminary agreement to sell Alabbar was "news to the president".

Kushner's plans to invest in Serbia came to light in mid-March when an opposition lawmaker, Aleksandar Jovanovic, released documents showing Serbian authorities had prepared the ground for a real estate partnership with the American businessman.

Alabar is the investor who has taken possession of the New Port of Durrës, meanwhile, Kushner is expected to invest in Albania as well, setting up a complex on the island of Sazan./ CNA