TIRANA (Reuters) – Albania’s government has designated a company linked to Jared Kushner, son-in-law of former U.S. President Donald Trump, as a strategic investor to construct a high-end resort on a remote Mediterranean island that once served as a military base. The Strategic Investment Committee of Albania, led by Prime Minister Edi Rama, approved a proposal submitted by Atlantic Incubation Partners LLC for the development of a 45-hectare luxury resort project on the uninhabited island of Sazan, with an anticipated investment of 1.4 billion euros ($1.4 billion).
In an official decision document dated December 30, the committee affirmed that the project adhered to the relevant legislation governing strategic investments, including the stipulations regarding job creation. Approximately 1,000 job opportunities are expected to be generated through this initiative. By conferring strategic investor status, companies are permitted to undertake investment endeavors classified as strategic within key sectors of the economy, such as tourism.
“The state’s involvement in this investment will materialize through the establishment of a joint legal entity,” the committee articulated, disclosing that the state-owned Albanian Investment Corporation would be involved in the partnership. Attempts to contact Atlantic Incubation Partners for comment were unsuccessful at the time of reporting.
Jared Kushner had previously disclosed plans to develop a tourist destination in Zvernec, southern Albania, as part of a broader investment endeavor by his company Affinity Partners in the Balkan region, encompassing projects on Sazan Island off the Albanian coast and a venture within a former military compound in Belgrade, the capital of Serbia. The establishment of his investment firm took place in 2021. Meanwhile, Donald Trump is set to be inaugurated for a second term on Tuesday.
The proposed projects have the potential to invigorate local economies by attracting visitors; however, critics have raised concerns about potential adverse impacts on the environment and cultural heritage sites, particularly in Belgrade. ($1 = 0.9715 euros)
(Reporting by Florion Goga; Writing by Daria Sito-Sucic; Editing by Timothy Heritage)
