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UAE property tycoon withdraws from sanctions-hit Belarus, collaborates with Jared Kushner

Withdrawal from Belarus
  • Discuss the decision of the property tycoon to withdraw from investments or projects in Belarus due to the impact of international sanctions on the country's economy and business environment.

THE Emirati real estate developer behind Dubai’s signature skyscraper, the Burj Khalifa, has initiated the sale of property assets he owns in Belarus, a country targeted by Western sanctions.

Mohamed Alabbar, the Emirati real estate tycoon, has reached a preliminary agreement to sell his interests in a multi-billion-dollar property development in Minsk, the capital of Belarus, through his Symphony Global Holdings investment vehicle.

This is according to two people familiar with the matter, who declined to be named.

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

Their collaboration has not been previously reported.

When contacted by Reuters, Alabbar declined to answer questions about the identity of the prospective buyer nor discuss the reasons for the decision to sell the Minsk assets.


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