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

Written by David Gauthier-Villars and Aram Roston

(Reuters) – The Emirati real estate developer behind Dubai’s iconic skyscraper Burj Khalifa has begun selling real estate assets it owns in Belarus, a country subject to Western sanctions, two sources familiar with the matter said. Jared Kushner talks about possible investments in Serbia.

Emirati real estate tycoon Mohamed Alabbar has reached a preliminary agreement to sell his stake in a multibillion-dollar property development in the Belarusian capital Minsk through his Symphony Global Holdings investment vehicle. a source familiar with the matter said. .

The Emirati developer’s departure from Belarus comes amid a new partnership with Kushner, former US President Donald Trump’s son-in-law, to redevelop the former Yugoslav army headquarters building in Serbia into a residential complex.

Their collaboration has never been reported before.

Contacted by Reuters, Alabbar declined to answer questions about the identity of the potential buyer and did not discuss the reasons for the decision to sell the Minsk assets.

Regarding Serbia, the Emirati billionaire said he “looks positively at the cooperation with Kushner” and “is very happy to be able to achieve more luxury developments in the market.” He did not elaborate on what the partnership would entail.

In an interview with Reuters last month, Kushner said he was discussing investing in Serbia’s capital Belgrade to renovate military buildings, but that the deal was under negotiation and may not go through.

A person familiar with Kushner’s plans in Serbia said Alabar was involved in the redevelopment as an adviser and that it was too early to say whether the United Arab Emirates would also invest in it. The person declined to comment on Alabbar’s activities in Belarus.

Reuters could not confirm who had offered to buy Alabbar’s stake in the Minsk development, known as North Waterfront, or the preliminary terms of the deal.

Minsk is not at war with Kiev, but Belarusian President Alexander Lukashenko has allowed Russian forces to use his territory to launch attacks against Ukraine. The United States adopted a series of sanctions against Belarus for supporting Russia’s war. This would bar U.S. citizens from doing business with Lukashenko and some of his associates.

Lukashenko personally participated in the North Waterfront project, launching its development with a May 2021 decree calling for the construction of a large residential complex along the reservoir north of Minsk, assigning a leading role to one of the Alabbar companies.

Lukashenko’s spokesman said the preliminary sale agreement for Alabbar was “news to the president.”

Kushner’s plans to invest in Serbia surfaced in mid-March when opposition lawmaker Aleksandar Jovanovic released documents showing Serbian authorities had prepared the ground for a real estate partnership with the American businessman. Serbian President Aleksandar Vucic confirmed that a partnership was under discussion.

Asked by Reuters last month whether the Belgrade project was facilitated by connections he made while a Trump adviser in the White House, Kushner said: “No one is ‘offering’ me a special deal.”