On the eve of the inauguration of the president-elect of the United States, Donald Trump, Prime Minister Edi Rama granted the status of strategic investor to the company associated with his son-in-law, Jared Kushner, for the construction of a luxury resort on the island of Sazan.
The decision was made by the Strategic Investment Committee, KIS, headed by Prime Minister Edi Rama on December 30, accepting the proposal of the company Atlantic Incubation Partners LLC and granting it the status of strategic investor with a special procedure.
According to the KIS decision, an investment of 1.4 billion euros is foreseen on the island and the construction is expected to extend to 8 percent of the island or 45 hectares.
“The investment value of the tourist project “Tourist Resort – Sazan Island” meets the criteria provided for by the legislation for strategic investments and is expected to be 1.4 billion euros,” the KIS decision states.
With the approval of the status, the company associated with Jared Kushner, son-in-law of US President-elect Donald Trump, will have to negotiate a contract with the public company Strategic Investment Corporation, while a number of state institutions, including the ministries of Infrastructure, Defense, Environment, Economy are made available to the company to transfer the property and prepare documentation to facilitate the works.
From the act published on the AIDA website it appears that the decision was expected in favor of the company’s request. In fact, in early December 2024, the property that was part of the plan to deploy the Armed Forces was removed from the list by the President of the Republic. The KIS decision does not indicate what Albania benefits from the transfer of public property in favor of the American company, but it is mentioned that a contract will be negotiated with the American company.
Plans to build a luxury resort in Sazan and another in Zvërnec by Kushner and his related companies were made public early last year, and Prime Minister Edi Rama spoke out in their favor, telling the New York Times that Kushner’s company’s interest made him “proud and happy.” The projects are being financed by Kushner’s investment company Affinity Partners, which is backed by funds from the Saudi Arabian government.
The plans and the Albanian government’s prior approval were criticized by the opposition as being made to gain political favors in the event of Trump’s re-election to the White House and for the lack of transparency and competition.
The KIS decision foresees a series of steps to be taken mainly by state institutions in Albania, to assist the company in securing the property, the necessary documentation and other actions that are expected to be concluded in the next three months. The company, on the other hand, will have to sign a contract with the Strategic Investment Corporation and Albanian Seaports Development Company sh.a, while it will have to provide water, energy, and the like with its own investment.
“The form of the state’s participation in this investment will be realized through the creation of a joint legal entity composed of the Albanian Investment Corporation (AIC), Albanian Seaports Development Company sh.a (ASDC), in the capacity of the state party, and the investment entity Atlantic Incubation Partners LLC, a company under American law,” the decision states.
The KIS decision indicates that the status is granted for a period of 10 years and that the construction is expected to be divided into three phases./BIRN
