Jared Kushner could profit from expanded Israeli settlements: Report
4 Min Read
Jared Kushner has doubled his stake in an Israeli financial firm set to benefit from accelerating Israeli settlements in Palestine.
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Then-White House Advisor Jared Kushner waves as he arrives at the Office of the United States Trade Representative for talks on trade with Canada, on August 29, 2018, in Washington. (AP)
On Wednesday, Jared Kushner, President-elect Donald Trump's son-in-law, doubled his stake in an Israeli financial firm that is set to gain from expanding Israeli settlements in Palestine - hours before the announcement of a ceasefire deal in the enclave.
Amid the winding down of the Israeli war on Gaza, Trump’s former Middle East advisor was able to benefit from the expansion of settlements in the occupied Palestinian territories, which are illegal under international law and are fueling violence against Palestinians in the West Bank and East al-Quds.
In the hours after the cease-fire was announced, Trump revealed that his administration would reverse the sanctions imposed by the Biden administration on violent Israeli settlers, even though the United Nations reported that settlers were behind over 1,000 attacks on Palestinians last year, marking the highest level of Israeli settler violence ever recorded.
Additionally, Israeli regulators approved a deal granting Kushner nearly 10 percent ownership in Phoenix Financial Ltd, a major Israeli finance and insurance firm, making him the company’s largest shareholder.
Affinity Partners, Kushner’s private equity firm funded by a $2 billion investment from Saudi Arabia’s sovereign wealth fund and the subject of several Senate investigations, initially invested in Phoenix Financial in July, acquiring a 4.95 percent stake. At the time, Affinity planned to double its share if regulators approved, which they did this week.
Kushner told Bloomberg News, “Investing in Phoenix in July 2024 was a decision rooted in my belief in Israel’s resiliency and the fundamentals of Phoenix’s business,” adding, “Six months later, the increased value of our shares reaffirms my conviction — both in Israel’s strength and the growing promise of Phoenix.”
According to the report, ending the violence in the region could potentially improve Phoenix Financial's financial performance.
Phoenix Insurance Company
Phoenix Financial, one of "Israel’s" largest financial and insurance firms, has provided financing and insurance for construction projects in Israeli settlements across the West Bank and the occupied Syrian Golan Heights.
According to Who Profits, a research center that tracks companies benefiting from the Israeli occupation, Phoenix holds an 80 percent stake in a large shopping mall in a settlement in occupied al-Quds, as well as stakes in various companies operating in other settlements.
Additionally, Phoenix Financial, formerly known as Phoenix Holdings, has financed wind and solar projects in Israeli settlements and provided financial services to local councils of settlements, including Beitar Illit and Oranit in the West Bank.
The company’s investments reflect the profits firms make from expanding Israeli settlements, with banks and developers building on land seized from Palestinians, while others profit from agriculture and water sources.
Kushner openly discussed the potential of such investments, remarking at a Harvard event last March, amid the Gaza war, that “Gaza’s waterfront property could be very valuable," adding “It’s a little bit of an unfortunate situation there, but from Israel’s perspective, I would do my best to move the people out and then clean it up."
Israeli settlements during Trump's term
During Trump’s first term, illegal settlements in the West Bank expanded as he supported "Israel’s" territorial claims. After his November victory, settlers celebrated, hoping for increased control over the occupied territory and expansion into Gaza.
Settlers will also have an ally in Kushner, who, despite not holding an official role, is expected to influence Middle East policy in a second Trump administration.
As ceasefire negotiations advanced, Kushner was reportedly advising Trump officials behind the scenes.
