Emirati real estate mogul withdraws Belarus investments, teams up with Kushner

Real estate shifts: An Emirati real estate developer, recognised for projects such as Dubai's Burj Khalifa, is reportedly divesting from property holdings in Belarus, a nation facing Western sanctions. This development coincides with a newfound collaboration with Jared Kushner on a prospective investment venture in Serbia.

According to sources familiar with the matter, Mohamed Alabbar, the Emirati real estate tycoon, has initiated discussions to sell his interests in a significant property development in Minsk, Belarus's capital, via his investment vehicle Symphony Global Holdings.

Alabbar's decision to withdraw from Belarus comes as he explores a partnership with Kushner, son-in-law of former US President Donald Trump, to refurbish a former Yugoslav army headquarters in Serbia into residential units.

Serbian market opportunities

While Alabbar declined to disclose details regarding the buyer or the rationale behind the Belarus divestment when contacted by Reuters, he expressed optimism about potential collaborations with Kushner in Serbia, emphasising interest in upscale development opportunities in the Serbian market.

Kushner, in a recent Reuters interview, hinted at ongoing negotiations for investment in Belgrade but cautioned that the deal was still under discussion.

A source familiar with Kushner's Serbian ventures noted Alabbar's advisory role in the redevelopment project, refraining from commenting on his activities in Belarus or potential investments in Serbia.

The identity of the prospective buyer for Alabbar's Minsk interests and the terms of the preliminary agreement remain undisclosed.

Ukraine conflict involvement

Belarus, though not directly involved in the conflict with Ukraine, has faced criticism for its support of Russian military activities, resulting in sanctions from the United States.

President Alexander Lukashenko's involvement in the North Waterfront project, initiated by a decree in May 2021, highlights its significance. News of the sale agreement reportedly surprised Lukashenko's administration.

Leaked collaboration plans

Reports of Kushner's intention to invest in Serbia emerged following leaked documents revealing preparations for a real estate collaboration. Serbian President Aleksandar Vucic confirmed discussions about the partnership.

Kushner denied receiving preferential treatment due to his past White House connections, stating, "No one is 'giving' me special deals" when questioned about any potential leveraging for the Belgrade project.

(With Reuters Inputs)