Watan-Emirati billionaire Mohammed Alabbar has begun selling real estate assets he owns in Belarus, which are subject to Western sanctions, and cooperating with Jared Kushner, the son-in-law of former U.S. President Donald Trump, in a potential investment in Serbia.
Two informed sources told Reuters that Emirati billionaire Mohammed Alabbar has reached a preliminary agreement to sell his stakes in a multibillion-dollar real estate development project in Minsk, the capital of Belarus, through his investment company Symphony Global Holdings.
The Emirati developer’s withdrawal from Belarus coincided with a new cooperation with Trump’s son-in-law to redevelop a former Yugoslav army command headquarters building in Serbia and convert it into a residential complex.
The cooperation between the two was not announced prior to this.
When contacted by Reuters, Alabbar declined to answer questions about the potential buyer’s identity or discuss the reasons for the decision to sell assets in Minsk.
Mohammed Alabbar’s Cooperation with Jared Kushner Regarding Serbia, the Emirati billionaire stated that he views cooperation with Kushner positively and is very enthusiastic about further upscale real estate development projects in the market.
Details of the partnership were not disclosed
Kushner told Reuters last month that he was in talks regarding investment in Belgrade, the capital of Serbia, for the development of the military building.
However, he stated that the agreement is still under negotiation and may not materialize.
A source familiar with Kushner’s plans in Serbia stated that Alabbar participated in redevelopment discussions as an advisor. It is too early to say whether the Emirati developer will also invest in the project.
The source also declined to comment on Alabbar’s activities in Belarus.
Reuters was unable to identify the party that offered to purchase Alabbar’s stakes in the development project in Minsk, known as North Waterfront, nor the preliminary terms of the deal.
Sanctions on Belarus
While Minsk is not at war with Kyiv, Alexander Lukashenko, the President of Belarus, allowed Russian forces to use his country’s territory to launch attacks on Ukraine.
The United States imposed a series of sanctions on Belarus for aiding Russia in the war.
American citizens were prohibited from dealing with Lukashenko and some of his close associates.
Lukashenko personally participated in the North Waterfront project.
The project was launched by a decree issued in May 2021 to establish a massive residential complex along the water reservoirs in northern Minsk. The primary role in the implementation was assigned to one of Alabbar’s companies.
A spokesperson for Lukashenko stated that the preliminary sale agreement with Alabbar was “news for the president.”