TIRANA (Reuters) – Albania’s government has conferred strategic investor status upon a company associated with Jared Kushner, the son-in-law of former U.S. President Donald Trump, to develop a high-end resort on an uninhabited Mediterranean island that was previously a military outpost.
The Strategic Investment Committee of the Balkan nation, overseen by Prime Minister Edi Rama, approved a proposal from Atlantic Incubation Partners LLC for the development of a 45-hectare project on the island of Sazan. The envisioned investment for the project amounts to 1.4 billion euros ($1.4 billion).
In its official decision documented on Dec. 30 and reviewed by Reuters on Thursday, the committee stated that the project aligns with the legislation concerning strategic investments and the requisite job creation mandates, estimating employment for approximately 1,000 individuals.
By virtue of the strategic investor status, companies are authorized to undertake investment projects classified as strategic within sectors essential to the economy, such as tourism. “The state’s involvement in this investment will be actualized through the establishment of a joint legal entity,” the committee declared, noting the inclusion of the state-owned Albanian Investment Corporation.
Atlantic Incubation Partners could not be promptly reached for comment by Reuters.
Jared Kushner had previously disclosed intentions to establish a tourist resort in Zvernec, located in southern Albania, as part of a broader investment strategy by his firm Affinity Partners in the Balkans. This strategy encompasses the Sazan project, situated off the Albanian coastline, as well as a venture within a former military headquarters in Belgrade, the capital of Serbia.
Kushner, who served as a senior advisor to former President Trump during his initial term in office, founded the investment entity in 2021. Trump is slated for inauguration for a second term on Tuesday.
These initiatives have the potential to bolster local economies by attracting tourists. However, critics have voiced opposition, expressing concerns over potential environmental impact and the preservation of culturally significant sites, particularly in Belgrade.
(Reporting by Florion Goga, writing by Daria Sito-Sucic; Editing by Timothy Heritage)
