The long-anticipated news that Jared Kushner, the son-in-law of the United States (U.S.) President Donald Trump, will build a luxury hotel in Belgrade is becoming a reality. Eagle Hills and Affinity Partners, an investment company based in Abu Dhabi founded by Kushner, will build a hotel and apartment complex at the site of the General Staff in Belgrade. The building will carry the Trump name and will include 175 rooms and 1.500 residences. Available information indicates that the Serbian government did not sell the land where the complex will be built but leased it to Affinity for 99 years.
Agreement with Trump’s son
“My family and I have shared a strong friendship with the Kushners for over a decade, and this partnership represents an exciting milestone,” said Mohamed Alabbar, chairman and founder of Eagle Hills.
According to media reports, Jared Kushner revealed that the decision to include a Trump-branded hotel in the project was made after discussions with Donald Trump’s son, Eric Trump, executive vice president of the Trump Organization. Kushner did not hide his ambitious plans for collaboration with Eagle Hills, led by Mohamed Alabbar, which is expected to result in “the first of many projects” in Serbia.
Tourist real estate
Kushner’s investment firm Affinity Partners, established after leaving the White House in 2021, has attracted significant investments from Saudi Arabia, Abu Dhabi, and Qatar. In December last year, it secured 1.5 billion dollars from the Qatar Investment Authority and the Abu Dhabi-based Lunata fund, while the Saudi Public Investment Fund invested 2 billion dollars in 2022. Following this recent capital injection, the firm’s assets under management increased to 4.6 billion dollars. Among Affinity’s initial investments were the Dubai-based Dubizzle Group and the Brazilian fast-food chain Zamp.
Moreover, Eagle Hills has further expanded its plans for developing the Belgrade Waterfront project, including the construction of a mixed-use tower. The project, launched in 2015 with a 3 billion dollar residential complex on the banks of the Sava River in Belgrade, has now grown to over 12 billion dollars in total value. However, details regarding the height of the planned tower have not yet been disclosed.
Eagle Hills has a multi-billion-dollar portfolio of development projects across the Middle East, Europe, Asia, and Africa. In July, the company signed a 3 billion dollar agreement with the Indonesian government for the development of tourist properties, while in March, it reached a 6 billion dollar deal with the Hungarian government to transform a neglected part of Budapest.
Kushner: “Serbia has strongly supported Israel, especially during this recent conflict”
“These are some new renderings of our future project in Belgrade. I recently visited and was impressed by the vibrancy and development of the city. A few fun facts: Serbia’s GDP growth of 4.7% in the first quarter of this year was the fastest in the Eurozone. Since 2019, tourism in Serbia has grown by 79 percent. Belgrade now has 22 Michelin-recommended restaurants and will host Expo 2027. Serbia has strongly supported Israel, especially during this recent conflict.
This development will advance Belgrade on its path to a very bright future while simultaneously honoring its past by incorporating a monument to the 1999 bombing along with a museum commemorating the building’s history.
Belgrade’s talent base, financial stability, infrastructure, and quality of life make the city an incredibly exciting destination. Cheers!” Kushner wrote earlier on Instagram, accompanied by a published photo of the complex’s design.
Namely, the location for the construction of the luxury hotel-residential complex, at the site of the former General Staff of the Yugoslav People’s Army (JNA), has sparked reactions in Serbian public opinion. Some citizens oppose the construction of a building on a cultural heritage site and its concession to a foreign company.
In an interview, Kushner stated that under the agreement, the Serbian government would receive 22 percent of the profits from the project, which is valued at half a billion dollars, Forbes writes.
