Documents show that she has set up a secret joint venture with a real estate development company owned by her son-in-law, Jared Kushner, to build a hotel complex in Belgrade in the building of the former headquarters of the General Staff of the Yugoslav Army, which is both an architectural and historical monument because of the damage it suffered during NATO bombings, the Serbian magazine reported. Radar.
The issue of the former GES building and its possible use by Jared Kushner has long been one of the issues that sharply divides Serbian society and increases the tension – at a time when the mass protests over the Novi Sad tragedy do not stop – between the government of President Aleksandar Vucic and the opposition.
What does the agreement provide?
According to documents presented by Radar, the investment agreement was signed in 2024, gives Kushner’s Atlantic Incubation Partners LLC a 77.5% stake in the joint venture and the Serbian government 22.5%, while also giving a deadline of May 2026 to demolish the existing buildings so that the works can begin.
The agreement stipulates that the Serbian state must remove the complex’s cultural protection designation — and complete the demolition of the existing buildings “in a manner satisfactory” to the company.
According to the relevant clauses, if Serbia does not meet the May deadline to properly prepare the site for construction, the US company can “at its discretion” terminate the agreement and demand a large sum as termination costs. The agreement provides for a free lease of the land for 99 years, with the possibility of converting the lease into full ownership.
A resurgence of protests is expected
The passage of the special law has reignited year-long student-led anti-corruption protests — protests that first began after the collapse of a train station in the city of Novi Sad. This week, protesters formed a human chain and painted a red line around the headquarters complex in an attempt to block the sale of the site.
Vucic hopes the deal will be a counterweight to US sanctions
The above comes at a time when the government of Aleksandar Vucic is seeking to curry favor with the Trump administration, after Washington imposed sanctions on state oil company NIS due to its majority ownership by Russia’s Gazprom and Gazprom Neft. The sanctions took effect last month, cutting off the flow of crude oil to NIS refineries, which are expected to run out of supplies by the end of the month.
