International and Hebrew media sources have exposed the disgraceful involvement of Saudi Crown Prince Mohammed bin Salman in financing illegal Israeli settlements through a fund managed by Jared Kushner, the son-in-law of former U.S. President Donald Trump.
According to reports, Affinity Partners, a Saudi-funded firm owned by Kushner, received approval from Israeli regulatory authorities to increase its stake in Phoenix Holdings Ltd., a financial company that funds the construction of illegal Israeli settlements in the occupied West Bank.
Saudi-Backed Investment in Israeli Settlements
Bloomberg reported that Affinity may acquire an additional 4.95% stake in Phoenix at a price of 37.5 shekels ($10.3) per share.
Phoenix’s share price has surged by more than 50%, reaching approximately 58.5 shekels per share since mid-July, when Kushner’s Miami-based firm announced a $128.5 million deal to acquire its initial 4.95% stake, according to Bloomberg.
Kushner viewed the deal as a sign of confidence in Israel’s war-ravaged economy, stating to Bloomberg:
“Investing in Phoenix in July 2024 was a decision rooted in my belief in Israel’s resilience and the fundamentals of Phoenix’s business. Six months later, the rising value of our shares has confirmed my conviction—both in Israel’s strength and Phoenix’s growing promise.”
Kushner’s Saudi-Backed Financial Network
Kushner founded Affinity after leaving his position as a senior White House advisor during Trump’s first administration. His firm has multiple investments in Israel, including a stake in the automotive and credit division of S Shlomo Holdings. The fund was established with $2 billion in Saudi financing following his departure from the White House.
During his tenure, Kushner forged a close relationship with Mohammed bin Salman, a connection that extended beyond Trump’s first term.
As Trump’s son-in-law and a senior advisor, Kushner played a key role in brokering the Abraham Accords, which led to the normalization of relations between Israel and several Arab states in 2020. Now, with Trump seeking re-election, efforts are expected to expand these accords, with Saudi Arabia as a potential participant.
In addition to funding from Saudi Arabia’s Public Investment Fund (PIF), Kushner has raised $1.5 billion from the Qatar Investment Authority and Lunate, an investment firm based in Abu Dhabi, bringing Affinity’s assets under management to $4.6 billion.
Phoenix Holdings’ Deep Ties to Israeli Settlements
According to the NGO Monitor group “Who Profits”, Phoenix Holdings holds an 80% stake in a major shopping center located within an illegal settlement in East Jerusalem. The company also has investments in various firms operating within other illegal settlements.
Phoenix has further financed wind and solar energy projects in illegal Israeli settlements and provided financial services to local settler councils, including those in the illegal Beitar Illit and Oranit settlements in the occupied West Bank.
The Reality: A Saudi-Israeli Financial Nexus
Mohammed bin Salman’s continued economic ties with Israel—particularly in funding companies directly involved in the occupation—further expose the Saudi regime’s complicity in the oppression of the Palestinian people.
Despite public rhetoric, the financial backing of Israeli settlement expansion by Saudi-backed entities raises serious concerns over the kingdom’s role in legitimizing the apartheid system and colonial expansion within Palestine.
As Kushner, backed by Saudi billions, deepens his economic entanglements in Israel, the question remains: How much longer will the Arab world tolerate leaders who betray the Palestinian cause for financial and political gain?
