Jared Kushner’s private equity fund has received hundreds of millions of dollars in investments from the UAE and Qatar, according to a report.
Kushner, son-in-law to former President Trump, was the administration’s adviser tasked with policy in the Middle East, including delivering a peace plan between Israel and Palestine.
According to The New York Times, the investments, which follow a similar cash injection from Saudi Arabia’s wealth fund, raise concerns about how those close to the Trump administration have profited off of their former government roles.
The UAE sovereign wealth fund invested about $200 million with Kushner’s firm, Affinity Equity, and a Qatari fund invested about the same, according to the Times. The recently revealed investments are small compared to that of the Saudi fund, which invested $2 billion with Affinity in 2021, shortly after Kushner left the White House.
The investments are not believed to be illegal, as there are few ethics guidelines or laws regarding foreign investments in private firms after an official leaves government work. The investments are also not unique to Kushner, as investing is a known strategy of Gulf states to exert influence with American officials on both sides of the aisle.
Former Trump administration Treasury Secretary Steve Mnuchin’s investment firm has also received vast sums from Middle Eastern wealth funds, including $1 billion from the Saudi wealth fund.
Similarly, Trump himself has announced business deals with Middle Eastern interests, including a Saudi-backed, Trump-branded hotel complex costing $4 billion. Trump has also been a vocal supporter of the Saudi-owned LIV Golf Tour, the upstart rival to the American PGA, including hosting tournaments at his golf courses.
Last year, the House Oversight Committee, then controlled by Democrats, launched an investigation into the initial Saudi investment into Kushner’s fund. Then-Chair Rep. Carolyn Maloney (D-N.Y.) said the investigation was into whether Kushner traded influence from this government position for the investment.
“Your close relationship with Crown Prince bin Salman, your pro-Saudi positions during the Trump Administration, and PIF’s decision to fund the lion’s share of your new business venture — only six months after the end of your White House tenure — create the appearance of a quid pro quo for your foreign policy work during the Trump Administration,” Maloney said in a letter to Kushner at the time.