MBS says Saudi Arabia will keep investments with Jared Kushner fund if Trump is re-elected
Saudi Crown Prince led $2bn investment in Jared Kushner’s private equity firm
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Mohammed bin Salman, the de facto ruler of Saudi Arabia, said he would keep his government’s $2bn investment in a private equity firm founded by Donald Trump’s son-in-law Jared Kushner if the former president is re-elected.
“It’s a commitment that [Public Investment Fund] PIF has, and when PIF has commitment with any investment around the globe, [we] keep it,” the Saudi crown prince told Fox News anchor Brett Baier.
He also downplayed any idead that the massive investment would affect the decision-making of a hypothetical Trump administration during an interview aired on Wednesday.
“Saudi Arabia is so big, so I’m quite sure mostly any person around the world, directly or indirectly, you have something to do with Saudi Arabia,” he added. “So if that can affect President Trump’s decision, if he becomes president, that means it can affect every president in the world’s and every person in the world’s decision.”
Mr Kushner created his private equity firm, Affinity Partners, the day after Donald Trump left office in January 2021. Later that year, the PIF invested $2bn into the firm.
During the Trump administration, Mr Kushner was an ally of MBS, working closely on foreign policy and sticking by the Saudi leader after he was accused of sending assassins to kill Jamal Khashoggi, a Saudi dissident writer for The Washington Post who killed and maimed in the Saudi consulate in Istanbul.
The Biden administration has since conculded that the prince approved the killing, which he denies.
The sudden investment in a West Wing power broker raised ethics alarms in Washington.
In 2022, the House Oversight Committee launched an investigation into the investment.
Mr Kushner has stonewalled the committee since it changed into Republican hands, according to Maryland representative Jamie Raskin, who wrote a letter in August to chairman James Comer.
“I urge you to pursue a serious and objective investigation by issuing a subpoena to Affinity and requiring the firm to comply with my February 15, 2023, request for documents regarding its receipt of billions of dollars from Gulf monarchies shortly after Mr. Kushner left a senior White House position he used to reshape U.S. foreign policy toward Saudi Arabia and the Middle East in Saudi Arabia’s favor—a request you have thus far allowed Mr. Kushner to ignore and defy,” he wrote.
The Saudi government initially had doubts about investing with Mr Kushner, The New York Times reported, with Saudi finance experts expressing dismay during a June 2021 meeting at “the inexperience of the Affinity Fund management,” “the bulk of the investment and risk,” and a due dilligence process that was “unsatisfactory in all aspects.”
Nonetheless, days later, the fund, led by Mr bin Salman, pursued the investment anyway.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments