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HomeStockUAE property tycoon withdraws from sanctions-hit Belarus, collaborates with Kushner By Reuters

UAE property tycoon withdraws from sanctions-hit Belarus, collaborates with Kushner By Reuters


By David Gauthier-Villars and Aram Roston

(Reuters) – The Emirati actual property developer behind Dubai’s signature skyscraper, the Burj Khalifa, has initiated the sale of property belongings he owns in Belarus, a rustic focused by Western sanctions, in response to two folks aware of the matter, as he collaborates with Jared Kushner on a attainable funding in Serbia.

Mohamed Alabbar, the Emirati actual property tycoon, has reached a preliminary settlement to promote his pursuits in a multi-billion-dollar property growth in Minsk, the capital of Belarus, via his Symphony World Holdings funding automobile, the folks aware of the matter stated.

The Emirati developer’s departure from Belarus comes amid a brand new collaboration with Kushner, the son-in-law of former U.S. President Donald Trump, to redevelop a former Yugoslav military headquarters constructing in Serbia right into a residential advanced.

Their collaboration has not been beforehand reported.

Contacted by Reuters, Alabbar declined to reply questions concerning the id of the possible purchaser nor focus on the explanations for the choice to promote the Minsk belongings. 

Relating to Serbia, the Emirati billionaire stated he “checked out collaborations with Kushner positively” and was “very enthusiastic about extra high-end growth available in the market”. He didn’t elaborate on what the partnership would entail.

Kushner informed Reuters final month he was in talks over investing in Belgrade, the capital of Serbia, to rework the military constructing, however stated the deal was in negotiations and won’t occur.

An individual aware of Kushner’s plans in Serbia stated Alabbar was concerned within the redevelopment as an advisor and it was too early to say whether or not the Emirati would additionally spend money on it. The individual declined to touch upon Alabbar’s actions in Belarus.

Reuters couldn’t decide who has proposed to purchase Alabbar’s pursuits within the Minsk growth, often known as North Waterfront, nor the phrases of the preliminary deal.

Whereas Minsk isn’t at struggle with Kyiv, Belarus’s President Alexander Lukashenko has allowed Russian troops to make use of its territory to launch assaults on Ukraine. The USA has adopted a sequence of sanctions in opposition to Belarus for aiding Russia’s struggle, prohibiting U.S. residents from doing enterprise with Lukashenko and a few members of his entourage.

Lukashenko was personally concerned within the North Waterfront mission, kicking off the event with a Might 2021 decree calling for the creation of an unlimited residential advanced alongside water reservoirs in northern Minsk, and assigning the lead function to one in all Alabbar’s firms.

A spokesperson for Lukashenko stated Alabbar’s preliminary sale settlement was “information to the president”.

© Reuters. FILE PHOTO: Belarusian President Alexander Lukashenko attends a meeting of the Supreme State Council of Russia-Belarus Union State in Saint Petersburg, Russia, January 29, 2024. Sputnik/Vyacheslav Prokofyev/Pool via REUTERS

Kushner’s plans to spend money on Serbia surfaced in mid-March when an opposition lawmaker, Aleksandar Jovanovic, launched paperwork displaying Serbian authorities had ready the bottom for an actual property partnership with the American businessman. Serbia’s President, Aleksandar Vucic, confirmed a partnership was below dialogue.

Requested by Reuters final month if the Belgrade mission had been facilitated by connections he made throughout his time as a Trump advisor within the White Home, Kushner stated: “Nobody is ‘giving’ me particular offers.” 



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