DREAM / The Prime Minister resigns and wakes up under the Parisian bridge!

 Kliko këtu për të tjera
Voxpress:

Donald Trump's son-in-law's $1 billion bet, Bloomberg: Will turn war relics into luxury hotels

2024-08-07 11:48:47Aktualitet SHKRUAR NGA REDAKSIA VOX
Donald Trump's son-in-law's $1 billion bet, Bloomberg: Will turn war
An abandoned primary school for the children of former Albanian army personnel who served on the island of Sazan

Surrounded by the blue waters of the Mediterranean Sea, the rocky island of Sazan served as an Albanian military base during the Cold War. Isolated from the rest of what was one of the most isolated places in the world, its ruined buildings and bunkers are now overgrown with vegetation.

About 300 miles (480 kilometers) to the north, two bombed-out tower blocks overlook a major boulevard in Belgrade. Once the headquarters of the Ministry of Defense of the former Yugoslavia, they were hit by NATO missiles in 1999, their skeleton now remains part of the tourist tours in the Serbian capital. Until recently, there was little to connect the two relics of the conflict. Then Jared Kushner showed up.

The son-in-law of former US President Donald Trump wants to turn these countries into luxury destinations for the international rich. He plans to spend more than $1 billion to build hotels and homes, the single largest investment yet from his private equity fund Affinity Partners.

The projects stand out in a politically and ethnically volatile corner of Europe, and they are already causing some local controversy over how to protect the environment and cultural heritage in a region where memories are still raw.

The Albanian and Serbian governments are defending the investments from their key US ally, saying they will bring economic benefits such as jobs and an improvement in their national tourism offer. Critics say this is done to curry favor with the Trump family because of the prospect of his return to the White House and the approval process being accelerated.

If the goal is exclusivity, then we can talk about Sazan. For decades under Albanian communist dictator Enver Hoxha, the island was cut off into a country that itself was one of the most difficult to visit or leave.

Kushner earmarked funding for the project from his private firm after visiting the Balkan country of 2.2 million people several times and returning to the island in June. The $3 billion fund is backed by Middle Eastern investors, including about $2 billion from Saudi Arabia's Public Investment Fund.

The interest in Albania came from a visit in 2021, Kushner said by phone last week. "I was intrigued," he said. “Then the opportunity presented itself about a year later. I've been back two more times since then to check things out and make sure I'm comfortable. I'm more and more excited about the potential.”

Kushner's projects will cost more than $1 billion

The Albanian government's investment agency headed by pro-US Prime Minister Edi Rama has received Kushner's application for the Sazan project and is working on the process, according to Mirela Kumbaros, Minister of Tourism and Environment.

Affinity is also looking at a separate investment on the Zvrnec peninsula opposite Sazan, although no application has yet been submitted. There's more work to do because it's a conservation area, according to Asher Abehsera, CEO of Affinity Global Development, who partnered with Kushner and will oversee the developments.

The total investment in Albania alone will eventually be over $1 billion, although the timeline is unclear.

"Every serious investor, especially from Albania's strategic allied countries like the United States, has an open door to contribute to the qualitative growth of tourism and high standards in this vital sector for the country's economy," said Kumbaro.

Given its strategic location, Sazani has had a number of "masters". Over the centuries, it has been under the control of the Romans, Byzantines, Ottomans, Venetians, British, Greeks, Italians, and was finally handed over to Albania after World War II.

The army abandoned it in the 1990s after the fall of communism, and Albania went through a volatile period of economic collapse, social unrest and mass migration. It took two decades of painful reforms before Albania joined NATO and applied for membership in the European Union in 2009.

The deserted island of 1,400 hectares could become a coveted retreat. Kushner intends to build luxury villas perched on clifftops that rise above where the Adriatic and Ionian seas meet in the Mediterranean, blending into the rugged landscape. The hotel will be operated by the exclusive Aman brand, whose clients include Mark Zuckerberg, Bill Gates and the Kardashians.

"It's very rare to find something like this in the Mediterranean today, and I believe that's the real value of Sazan," said Auron Tare, a historian who accompanied Kushner and his wife Ivanka Trump on a tour of Albania recently during a week-long visit in June.

The couple arrived in the capital Tirana by private jet and flew around the country by helicopter, staying on a yacht owned by an undisclosed friend. Kushner has said he is drawn to the Balkan nation as a fast-growing tourist destination. The Albanian government expects 30% to 40% more visitors this year based on bookings so far.

However, as the interest grows, so does the push. Some locals, environmentalists and politicians are concerned that the protected waters surrounding the island could be damaged by development and subsequent traffic. Kushner has said that his project will respect all environmental standards to preserve the coastline, while Rama said that critics are "deluding themselves" that the area has ever been protected "except by Enver Hoxha's soldiers".

But opponents also say there has not been enough debate and review of the island's status as a national security site. Albania changed its law on protected areas weeks before Kushner publicly announced his plans, paving the way for the construction of five-star hotels or "other strategically important projects."

That depends on politics and Kushner's father-in-law, according to Alfred Lelas, press secretary for the opposition Democratic Party of Albania. "Seeing that the Democrats may lose the November elections, Rama seeks to align himself with the Trump administration," he said.

Kumbaro, the tourism minister, said there was no connection between the law changes and Kushner's project. It's a sentiment that resonates in Serbia. Affinity signed a 99-year lease with the government in May to turn part of downtown Belgrade into a luxury hotel with commercial space and more than 1,500 residences.

The contract has not been released, although the project is valued at around $500 million. Serbian Construction Minister Goran Vesic said at the time that Affinity is a "reputable American company" that will contribute to "the development of Belgrade and Serbia." On his trip in June, Kushner was also in Belgrade and met with President Aleksandar Vučić.

In Albania, Kushner and his wife were accompanied by an architect on their last visit. They walk through the wild paths of Sazan, passing military buildings, a school and a destroyed cinema, guided by the historian Tare.

Kushner was intrigued by the island's past as a restricted military zone, the historian said. In its prime, Sazani was capable of withstanding any siege for six months, self-sufficient in armaments and food. People in the seaside town of Vlora – just 25 minutes away by cruise ship – were born, raised and grew old without ever visiting Sazan.

The first phase of the project will have an investment of 200 million to 250 million dollars, according to Abehsera. Once the authorities complete their review, the firm will begin, he said. Niko Leraj, 64, a former artillery officer in the navy brigade, stationed on the island for almost 9 years, often looks at the island where he used to live with his family from Vlora. He favors the island being restored and revitalized by Kushner, though he would prefer the development to be managed for the people by the state.

"For someone like me who has lived on this island, it hurts me to see it neglected for so long," said Leraj. "I want to see her beautiful again."/Bloomberg/


Në përputhje me standarded JTI

Video

SHIKO KANALIN NE YOUTUBE
×