David Gauthier-Villars and Aram Roston
(Reuters) – The Emirati developer behind Dubai’s iconic Burj Khalifa skyscraper has initiated a sale of its assets in Belarus, a country hit by Western sanctions, according to two people familiar with the matter, as it works with Jared Kushner about possible investments in Serbia.
Mohamed Alabbar, an Emirati real estate tycoon, has reached a preliminary agreement to sell his stake in a multibillion-dollar real estate project in Minsk, the capital of Belarus, through his investment company Symphony Global Holdings, people familiar with the matter said. .
The Emirati developer’s exit from Belarus comes amid a new collaboration with Kushner, the son-in-law of former US President Donald Trump, to transform the former Yugoslav army headquarters building in Serbia into a residential complex.
Their collaboration has not been previously reported.
In a conversation with Reuters, Alabbar refused to answer questions about the identity of the potential buyer or discuss the reasons for the decision to sell the Minsk assets.
As for Serbia, the Emirati billionaire said he was “positive about working with Kushner” and “very excited about more high-quality developments coming to market.” He did not specify what the partnership would involve.
Kushner told Reuters last month that he was in talks to invest in Belgrade, the Serbian capital, to transform an army building, but said the deal was under negotiation and might not go through.
A person familiar with Kushner’s plans in Serbia said Alabbar was involved in the reconstruction as a consultant and it was too early to say whether the Emirates would also invest in it. The person refused to comment on Alabbar’s activities in Belarus.
Reuters was unable to determine who offered to buy Alabbar’s stake in the Minsk project, known as North Waterfront, or the terms of the preliminary deal.
Although Minsk is not at war with Kiev, Belarusian President Alexander Lukashenko has allowed Russian troops to use his territory to attack Ukraine. The United States has adopted a series of sanctions against Belarus for its assistance in the war with Russia, banning US citizens from doing business with Lukashenko and some members of his circle.
Lukashenko was personally involved in the Northern Embankment project, starting its development with a May 2021 decree calling for the creation of a vast residential complex along reservoirs in northern Minsk and giving one of Alabbar’s companies a leading role.
Lukashenko’s spokesman said the preliminary agreement on the sale of Alabbar was “news for the president.”
Kushner’s plans to invest in Serbia became public in mid-March, when opposition lawmaker Aleksandar Jovanovic released documents showing that Serbian authorities had paved the way for a real estate partnership with the American businessman. Serbian President Aleksandar Vucic confirmed that the partnership is under discussion.
Asked by Reuters last month whether the Belgrade project was aided by connections he made during his time as Trump’s White House adviser, Kushner replied: “Nobody is ‘giving’ me special offers.”