THE WASHINGTON POST

After helping prince’s rise, Trump and Kushner benefit from Saudi funds

An investment fund overseen by Crown Prince Mohammed
bin Salman is backing ventures that profit the former
president and his senior adviser, raising questions of conflict

In early 2021, as Donald Trump exited the White House, he and his son-in-law Jared Kushner faced unprecedented business challenges. Revenue at Trump’s properties had plummeted during his presidency, and the attack on the U.S. Capitol by his supporters
made his brand even more polarizing. Kushner, whose last major business foray had left his family firm needing a $1.2 billion bailout, faced his own political fallout as a senior Trump aide.

But one ally moved quickly to the rescue.

The day after leaving the White House, Kushner created a company that he transformed months later into a private equity firm with $2 billion from a sovereign wealth fund chaired by Saudi Crown Prince Mohammed bin Salman. Kushner’s firm structured those
funds in such a way that it did not have to disclose the source, according to previously unreported details of Securities and Exchange Commission forms reviewed by The Washington Post. His business used a commonly employed strategy that allows many
equity firms to avoid transparency about funding sources, experts said.

A year after his presidency, Trump’s golf courses began hosting tournaments for the Saudi fund-backed LIV Golf. Separately, the former president’s family company, the Trump Organization, secured an agreement with a Saudi real estate company that
plans to build a Trump hotel as part of a $4 billion golf resort in Oman.

The substantial investments by the Saudis in enterprises that benefited both men came after they cultivated close ties with Mohammed while Trump was in office — helping the crown prince’s standing by scheduling Trump’s first presidential trip to
Saudi Arabia, backing him amid numerous international crises and meeting with him repeatedly in D.C. and the kingdom, including on a final trip Kushner took to Saudi Arabia on the eve of the Jan. 6, 2021, attack.

New details about their relationship have emerged in recently published memoirs, as well as accounts in congressional testimony and interviews by The Post with former senior White House officials. Those revelations include Kushner’s written account of
persuading Trump to prioritize Saudi Arabia over the objections of top advisers and a former secretary of state’s assertion in a book that Trump believed the prince “owed” him.

They also underscore the crucial nature of Trump’s admission that he “saved” Mohammed in the wake of the CIA’s finding that the crown prince ordered the killing or capture of Post contributing opinion columnist Jamal Khashoggi.

Now, with Trump running for president again, some national security experts and two former White House officials say they have concerns that Trump and Kushner used their offices to set themselves up to profit from their relationship with the Saudis after
the administration ended.

“I think it was an obvious opportunity for them to build their Rolodexes,” John Bolton, who was Trump’s national security adviser, said in an interview. “And I think they were probably hard at work at it, particularly Jared.”

“Why should Jared be worried about the Middle East?” Bolton said. “It’s a perfectly logical inference was that had something to do with business.”

Kushner declined to comment.

In his memoir, Kushner did not mention his new equity firm or the Saudi investment, and he has not publicly addressed whether he talked to Mohammed during the administration about doing business with him afterward. It is not known whether Kushner
discussed business deals with Mohammed while in office.

More: https://www.washingtonpost.com/politics/2023/02/12/after-helping-princes-rise-trump-kushner-benefit-saudi-funds/

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