An official statement provided to international media has clarified that Affinity Partners is not the developer of the Zvërnec project, while ownership documents indicate that formal control over the development appears to be concentrated in the hands of Syrian billionaire brothers Moutaz and Ramez Al-Khayyat.
Over the past week, several international media outlets approached Jared Kushner's investment fund, Affinity Partners, for comment regarding the project. The company declined to respond directly and instead referred journalists to a public relations agency.
Two important points stand out in an email response sent by that agency to several media organizations.
First, the agency states that Affinity Partners is not involved in the development of the project.
Second, the agency says that any investor involved in the project is participating as an individual, "in their personal capacity."
In other words, the agency confirms that Kushner's Affinity Partners fund is neither involved in the development nor investing in the Zvërnec project. If individuals close to or associated with Kushner and his company invest in Zvërnec, they do so as private individuals and not as representatives of either the fund or Kushner himself.
This statement effectively closes the claim that the Zvërnec project will involve investment from Kushner's company or from any other American company.
At the same time, the PR agency states that the development is being led by a company called Sazan Real Estate Development LLC (SRED), about which the agency provides virtually no information other than the identity of its chief executive.
The agency identifies Asher Abehsera, a partner of Jared Kushner in several previous business ventures, as CEO of SRED and includes a statement from him. Abehsera promises a "world-class destination," "responsible stewardship," "environmental enhancement," and respect for the "ongoing public and institutional processes."
Documents show that this company has now become the central entity in the ownership and implementation structure of the Zvërnec development.
But what exactly is SRED?
SRED was registered in October 2025 in Qatar. The majority of its shares are controlled by Syrian brothers Moutaz and Ramez Al-Khayyat through a chain of companies owned or controlled by them.
Co-owners alongside the Al-Khayyat companies are two additional firms: Global Travel Retails SA, registered in Luxembourg, and Jamco Global LLC, registered in Delaware, United States.
Both companies operate as shell structures and their ultimate beneficial owners are not publicly identifiable through corporate registries.
On May 6, SRED acquired the Dutch shell company Universal Properties Project B.V., which is the parent company of Zvernec South Adriatic Development shpk, the Albanian company that holds the development permit and on whose behalf the construction permit application has been submitted.
This means that SRED now sits at the top of the ownership chain of the company that holds the development rights for the project in Albania.
For years, ownership of the company controlling the Zvërnec development had been hidden behind a chain of Dutch shell companies.
With SRED's entry into the structure, formal control of the project now appears to rest primarily with the Al-Khayyat group.
However, not all partners have been identified.
As noted above, part of SRED's ownership remains linked to companies registered in Luxembourg and Delaware, for which no public information is available regarding their ultimate beneficial owners.
Equally significant is the wording used by the project's representatives that investors participate "in their personal capacity."
In summary, the ownership and investment structure behind the Zvërnec project can now be described through four key facts:
First, Jared Kushner's Affinity Partners is neither an investor nor the developer of the project.
Second, any American citizen who may participate in the Zvërnec investment does so as an individual and not as a representative of Affinity Partners or any other American company.
Third, formal control over the ownership and investment structure appears to be concentrated within the group of companies linked to the Qatar-based Syrian brothers Moutaz and Ramez Al-Khayyat.
Finally, part of the ownership behind the company developing the project remains publicly unidentified, hidden behind two companies registered in Luxembourg and Delaware.
