Jared Kushner, son-in-law of former U.S. President Donald Trump, is planning to transform former battle sites in Albania and Serbia into luxury resorts. Bloomberg reports that Kushner intends to invest over a billion dollars in constructing luxury hotels and residences in these regions, targeting the global elite. This venture represents the largest investment to date by his private equity fund, Affinity Partners.
One project is set to take place on Sazan Island in Albania, which was once a Cold War military base and has been abandoned for decades. Another project is planned in Belgrade, Serbia's capital, where two towers that once served as the Yugoslav Defense Ministry headquarters, bombed by NATO in 1999, will be converted into hotels.
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The Sazan island structure Kushner aims to renovate
(Photo: U.S. Embassy Jerusalem - David Azagury, Atdhe Mulla/Bloomberg)
These developments are already facing criticism from local communities over concerns about environmental damage and the preservation of cultural heritage. Environmental activists in Sazan claim the construction will harm the surrounding sea, while in Serbia, there are complaints about damage to historical preservation sites.
In contrast, the governments of Albania and Serbia are encouraging these investments, citing potential economic benefits in the form of job creation and tourism sector improvements. "For any serious investor, especially from Albania's strategic allies like the U.S., the door is open to contribute to the growth of tourism and high standards in this vital sector for our economy," said a spokeswoman for the Albanian Tourism Ministry.
Kushner has pledged to respect all environmental regulations and preserve the coastline. However, critics argue that the governments are primarily seeking to strengthen ties with Trump in case he wins the presidential elections in November.
According to the report, Kushner conceived the Albanian project after several visits to the country, the latest being in June, when Kushner and his wife Ivanka Trump toured by helicopter and stayed on a yacht.
"I was captivated by the place," Kushner explained. "I am very excited about the potential here." His fund receives investments from Middle Eastern investors, including $2 billion from Saudi Arabia's Public Investment Fund.
Kushner has already submitted a development application for Sazan Island, and the Tourism and Environment Ministry reports that the application is currently under review. He also plans a project on the Zvernec Peninsula, although applications for it have not yet been submitted.
Overall investment in Albania is expected to eventually exceed a billion dollars, although the timeline is still unclear. The first phase of the project will involve investments of $200-250 million, with work set to begin once the authorities complete the approval process.
According to Kushner's plan, the abandoned Sazan Island will be transformed into a resort featuring luxury villas and a hotel operated by the exclusive Aman brand, which counts among its clientele some of the world's wealthiest individuals, including Mark Zuckerberg and Bill Gates.
In Serbia, Kushner's fund signed a 99-year lease agreement with the government in May, which includes converting part of central Belgrade into a luxury hotel with commercial space and more than 1,500 residences. The contract details have not been disclosed, but the project's cost is estimated at $500 million.
The site is highly symbolic, as it includes the former Defense Ministry headquarters that was bombed in 1999. Nearby are government buildings and the offices of the foreign and finance ministries. In recent years, the charred buildings have become a tourist attraction. "Some tourists are horrified, some are saddened, and some ask why the city keeps the ruins instead of doing something," explained local tour guide Angelina Nokolic.
The plan is to start development next year, pending official approval from the authorities. However, approval may be delayed due to opposition from city residents, who claim the deal contradicts the preservation of the buildings as heritage sites. Nonetheless, Kushner plans to include a memorial complex "for all the victims of NATO attacks," according to the authorities.