Jared Kushner’s powerful clients apparently aren’t happy about the returns on their multimillion-dollar investments.
Gulf states injected hundreds of millions of dollars into a private equity firm owned by President Donald Trump’s son-in-law in the hopes of gaining influence over the White House and getting investment returns. But they’ve been feeling shortchanged since the U.S. waged war on Iran, according to Bloomberg.
Affinity Partners, the Florida-based investment firm owned by Ivanka Trump’s husband, has received massive investments from Qatar, Saudi Arabia, and the United Arab Emirates since its founding in 2021. Although Trump was not in office when the firm was launched, sources told Bloomberg that the three states agreed to pay large sums of money to curry favor with the Trump administration and see returns on their portfolio.
In between investment meetings for Affinity, Kushner, 45, has been preoccupied with his high-stakes role as de facto peace negotiator for the Trump administration, along with special envoy Steve Witkoff.
Kushner’s role in the Iran war and the Trump administration’s handling of it have become a pain point, especially for officials in Riyadh and Doha who feel that their expectations haven’t been met, sources told Bloomberg.
“The investments in Jared’s firm were meant to anchor ties with the Trump family,” Sanam Vakil, director of the Middle East and North Africa program at the British think tank Chatham House, told the outlet. “The Gulf states likely felt very angered, if not let down, that the U.S. didn’t fully consider their security needs.”
Cinzia Bianco, a visiting fellow at the European Council on Foreign Relations, said the Gulf states are “grappling with the fact that their investments didn’t get them influence on something that’s really existential for them,” warning that “this will result in them rethinking their investments and pledges going forward.”
Kushner has long drawn scrutiny for his conflicting roles, but he has insisted that he doesn’t need to disclose more about his finances since he’s a volunteer with no formal role in the Trump administration.
The president’s son-in-law has also assured his associates that he can separate one role from the other, Bloomberg reported. He pointed to the Gulf states’ dissatisfaction as proof that he wasn’t doing their bidding.
“My volunteer work for the President has focused on delivering for America, irrespective of any business or personal relationship, and my commitment to that duty is unwavering,” Kushner said in a statement to Bloomberg.
White House spokesperson Anna Kelly said Kushner’s diplomacy efforts are “conducted with the highest level of integrity and have nothing to do with his private businesses.” White House Counsel Dave Warrington also said “Jared is acting in his capacity as a private citizen, therefore, he is not subject to disclosure requirements.”
