According to Serbian Economist, Jared Kushner’s company may demand up to EUR50 million in compensation from Serbia for failing to fulfill the terms of the contract regarding the construction of a hotel and residential complex on the site of the former General Staff building in central Belgrade, said Marinka Tepić, vice-chair of the opposition Freedom and Justice Party.
According to her, the contract between the Serbian government and Kushner’s company stipulated obligations on Serbia’s part regarding the preparation of the site for the project, but these were not fulfilled. Tepić claims that because of this, Kushner’s company may seek compensation of EUR50 million.
So far, this is merely a statement by an opposition politician, not a publicly confirmed lawsuit or an official claim by Kushner’s company.
The project involved the site of the former General Staff complex in Belgrade, which was damaged during the NATO bombings in 1999. The complex had long held cultural heritage status, but in 2024, the Serbian government removed its protected status, paving the way for the development project.
According to media reports, the Serbian side agreed to transfer the site to a company linked to Kushner under a long-term 99-year lease. The project called for the construction of a hotel, apartments, and office and commercial spaces in one of Belgrade’s most prominent locations.
The initiative sparked strong opposition from Serbian opposition groups, architects, and activists. For many Belgrade residents, the General Staff building remains not just a ruined structure in the city center, but a symbol of the 1999 NATO bombings and a reminder of Serbia’s modern history. Opponents of the project demanded that the complex retain its memorial and cultural status rather than be turned into commercial real estate.
The situation became more complicated following an investigation into the documents on the basis of which the complex was stripped of its cultural monument status. Serbian prosecutors had previously charged current and former officials in a case involving the possible forgery of documents used to remove the General Staff building’s protected status. Following this, Western media reported that Kushner had abandoned the project amid protests and legal issues surrounding the site.
Jared Kushner is an American entrepreneur, founder of the investment firm Affinity Partners, son-in-law of U.S. President Donald Trump, and former senior advisor to the White House during Trump’s first presidential term.
Serbian President Aleksandar Vučić sharply criticized the project’s collapse and stated that the country had lost a major investment.
According to him, the project involved at least EUR750 million in investments and thousands of jobs. Vučić promised to personally file criminal complaints against those who, in his words, participated in a “campaign” to destroy the project.
For Serbia, a potential claim for compensation marks a new phase in a politically sensitive case. On the one hand, the authorities presented the project as a major investment that could revitalize one of the most prominent locations in central Belgrade. On the other hand, opponents of the project believe that the state should not have transferred a symbolically important site to a private foreign investor for a hotel and commercial development.
The key question now is whether Kushner’s company will file a formal claim against Serbia and on what grounds. No official announcement from Kushner’s company regarding the filing of a lawsuit or a claim for EUR50 million has been published in open sources at this time.
NAEK ‘Energoatom’ has completed the construction of a key safety facility at the Rivne Nuclear Power Plant, and it is currently undergoing the certification process, the company announced on Monday.
“We are taking proactive measures to create a reliable shield for our critical infrastructure. Each such facility provides an additional layer of security for Ukraine’s entire power grid,” said Energoatom CEO Pavlo Kovtoniuk.
The construction was carried out as part of a comprehensive program to strengthen the security of Ukrainian power units under martial law. The goal is to protect critical nuclear power infrastructure from potential external threats.
A production meeting was also held at the Rivne NPP site, attended by the plant’s management, relevant departments, and contractors. Participants discussed the progress of construction on other protective structures and the implementation of new engineering solutions to enhance the resilience of the infrastructure.
Prices for construction and installation work (CIW) in Ukraine rose by 16.2% in March 2026 compared to March 2025, according to the State Statistics Service (SSS).
According to the statistics agency, prices rose in all segments of construction from March 2026 to March 2025: in residential construction by 15.3% (up 9.2% compared to the previous month), in non-residential construction by 17.3% (9.7%), and in civil engineering by 16.1% (9.3%).
In January–March of this year compared to the same period last year, construction material and equipment prices rose by 9.9%, specifically in the residential sector by 9.2%, in the non-residential sector by 10.4%, and in civil engineering by 9.7%.
Compared to the previous quarter, in January–March 2026, construction material prices rose by 6.1%, specifically in residential construction by 5.3%, in non-residential construction by 6.6%, and in civil engineering by 6.1%.
The State Statistics Service also compared current price indicators with the 2021 annual average. Thus, in the first quarter of 2026, prices in the residential sector rose by 83.6%, in the non-residential sector by 84.1%, and in civil engineering by 78.6%.
As reported, in 2025, construction material prices rose by 5.8% compared to the previous year, in 2024 by 7.9%, and in 2023 by 15.8%.
The business confidence index for Ukraine’s construction market rose by 1.9 percentage points (pp) in the second quarter of 2026 compared to the first quarter, reaching “minus” 25.7%, according to the State Statistics Service (SSS).
According to data from a survey of construction companies conducted by the agency, the assessment of the current volume of orders improved by 1.7 pp to “minus” 41.5%. Specifically, 54% of the surveyed companies assessed their current order volume as normal for the season, while 45% deemed it insufficient.
Sixty-eight percent of respondents expect to raise prices for their services by the end of the second quarter of this year. Only 2% of respondents forecast a decrease in the cost of construction work, while 30% do not expect any changes in pricing policy.
According to State Statistics Service data, the companies surveyed have an average of six months’ worth of orders, which corresponds to the pre-war level at the beginning of 2022.
The agency notes that in the second quarter of 2026, construction will be negatively impacted by labor shortages (56.1%), financial constraints (48.2%), weather conditions (23%), insufficient demand (20.8%), and other factors (42.7%).
About 23% of the surveyed companies expect a reduction in the number of employees in April–June, while 57% believe that their numbers will remain unchanged, and 19% forecast an expansion of their workforce.
According to the State Statistics Service, 25% of respondents noted an increase in the volume of construction work completed in the past quarter, while 41% reported a decrease in volumes.
The survey showed that 98% of Ukrainian construction companies find it quite difficult to predict future business developments.
The statistical data is presented excluding territories temporarily occupied by the Russian Federation and parts of territories where hostilities are (were) taking place.
Ora Developers, an Egyptian real estate company linked to billionaire Naguib Sawiris, is expanding its Bayn project—a new mixed-use city in the Gantut area between Dubai and Abu Dhabi. According to The Economic Times, the company has increased its investment in the UAE from $15 billion to $30 billion.
According to the publication, the Bayn project is being developed as a full-fledged “city of the future.” Following the acquisition of an additional 4.8 million square meters of land, Ora Developers’ total land bank in the UAE has grown to 9.6 million square meters. The project itself is designed to accommodate approximately 16,000 residential units.
Bayn will include business parks, schools, hospitals, shopping centers, offices, and hotels—in other words, it is not just a residential complex but the creation of a self-contained urban environment. The key idea behind the project is to create a community whose residents will be able to live between the two largest business centers of the Emirates and work in both Dubai and Abu Dhabi.
The project’s expansion comes amid sustained interest in the UAE real estate market, despite geopolitical tensions in the region. Through private capital, Egypt is effectively strengthening its presence in one of the Middle East’s largest real estate markets. The Bayn project demonstrates that the focus is not on isolated development, but on the large-scale creation of a new urban cluster between Dubai and Abu Dhabi.
The European Bank for Reconstruction and Development (EBRD) is considering providing a long-term loan of up to EUR50 million to Volyn West Wind-2 LLC and Volyn West Wind-3 LLC, majority-owned by VI.AN Holding, a member of the OKKO Group, to finance the construction and operation of a 189 MW wind farm in Ukraine.
According to the bank’s materials, the EBRD loan will be part of the project’s secured debt financing, involving the International Finance Corporation (IFC) and the Black Sea Trade and Development Bank (BSTDB).
The project will also receive guarantee support and grant funds for technical assistance from the European Union under the Ukraine Investment Framework through the HI-BAR program, which reduces risks for investors and helps attract funding to renewable energy and climate technology projects.
Against the backdrop of significant losses in power generation capacity due to the war, this investment is expected to help reduce the electricity deficit, support decarbonization, and strengthen the private sector’s role in the development of renewable energy.
According to the bank’s estimates, the new wind farm will generate approximately 467 GWh of electricity annually and reduce CO2 emissions by about 300,000 tons per year. The total cost of the project is estimated at EUR 262 million.
The project is currently in the development stage, with approval expected on May 28, 2026.
OKKO Group brings together more than 10 diverse businesses in the fields of manufacturing, trade, construction, insurance, services, and other sectors. The group’s flagship company is the Galnaftogaz concern, which operates one of the largest gas station networks in Ukraine under the “OKKO” brand, comprising about 400 gas stations.
The founder and ultimate beneficiary of the group is Vitaliy Antonov.
As reported, in April 2025, the EBRD, IFC, and CEB announced a EUR157 million loan to the Galnaftogaz Group for a 147 MW wind farm in the Volyn region.
