Kushner’s Saudi-backed fund doubles stake in firm financing illegal West Bank settlements
The Cradle | January 17, 2025
Affinity Partners, the Saudi-funded hedge firm of President-elect Donald Trump’s son-in-law Jared Kushner, received approval from Israeli regulators to double its stake in Phoenix Financial Ltd., which funds the construction of illegal Jewish settlements in the occupied Palestinian West Bank.
Bloomberg reported on 17 January that Affinity could buy an additional 4.95 percent stake in the financial services firm at 37.5 shekels ($10.3) a share.
Phoenix’s share price has surged over 50 percent to around 58.5 shekels apiece since mid-July, when Kushner’s Miami-based firm announced the $128.5 million deal to buy its initial 4.95 percent stake, Bloomberg noted.
Kushner has held up the deal as a sign of his company’s confidence in the war-racked country’s economy.
“Investing in Phoenix in July 2024 was a decision rooted in my belief in Israel’s resiliency and the fundamentals of Phoenix’s business,” Kushner said in a statement to Bloomberg.” Six months later, the increased value of our shares, reaffirms my conviction – both in Israel’s strength and the growing promise of Phoenix.”
Kushner founded Affinity, which has other investments in Israel, including a stake in S Shlomo Holdings’s car and credit division, with $2 billion in Saudi funding after leaving his role as senior White House advisor during the first Trump administration.
Kushner established a close relationship with Saudi Crown Prince Mohammad bin Salman (MbS) while serving in the White House.
Kushner is the son-in-law of US President-elect Donald Trump and served as his senior White House advisor in his first term. Kushner played a pivotal role in the Abraham Accords, which normalized relations between Israel and some Arab nations in 2020. Trump is now expected to try bringing Saudi Arabia into the accords.
In addition to receiving backing from Saudi Arabia’s Public Investment Fund (PIF), Kushner raised an additional $1.5 billion from the Qatar Investment Authority and Abu Dhabi-based Lunate, bringing its assets under management to $4.6 billion.
Pheonix Financial has financed and insured construction projects throughout Israeli settlements in the occupied West Bank and the Syrian Golan Heights.
According to the NGO watchdog Who Profits, Phoenix owns an 80 percent stake in a large shopping mall in an illegal East Jerusalem settlement and stakes in various companies operating throughout other settlements.
Phoenix has also helped finance wind and solar projects in illegal Israeli settlements and provided financial services to the local councils of settlements, including the Beitar Illit and Oranit settlements in the West Bank.
Kushner’s investment in Pheonix comes just days before Trump is set to take office once again.
Israeli settler leaders celebrated Trump’s election and anticipate permitting them to annex the West Bank and greatly expand building settlements for Israeli Jews there.
The Israeli government is also seeking to expand the building of Jewish settlements in the occupied Syrian Golan Heights.
In December, Prime Minister Benjamin Netanyahu’s government announced it would invest more than $11 million to “encourage demographic growth” in the Golan, which Israeli forces first occupied in 1967.
Israel moved to expand its illegal occupation of Syrian territory in the Golan immediately after the Syrian government, led by president Bashar al-Assad, was toppled by militants from Hayat Tahrir al-Sham (HTS), the former Al-Qaeda affiliate, on 8 December.
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From the Archives
The lies about the 1967 war are still more powerful than the truth
By Alan Hart | June 4, 2012
In retrospect it can be seen that the 1967 war, the Six Days War, was the turning point in the relationship between the Zionist state of Israel and the Jews of the world (the majority of Jews who prefer to live not in Israel but as citizens of many other nations). Until the 1967 war, and with the exception of a minority of who were politically active, most non-Israeli Jews did not have – how can I put it? – a great empathy with Zionism’s child. Israel was there and, in the sub-consciousness, a refuge of last resort; but the Jewish nationalism it represented had not generated the overtly enthusiastic support of the Jews of the world. The Jews of Israel were in their chosen place and the Jews of the world were in their chosen places. There was not, so to speak, a great feeling of togetherness. At a point David Ben-Gurion, Israel’s founding father and first prime minister, was so disillusioned by the indifference of world Jewry that he went public with his criticism – not enough Jews were coming to live in Israel.
So how and why did the 1967 war transform the relationship between the Jews of the world and Israel? … continue
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