News - Middle East: In early 2021, as Donald Trump exited the White House, he and his son-in-law Jared Kushner faced unprecedented business challenges. Revenue at Trump’s properties had plummeted during his presidency, and the attack on the U.S. Capitol by his supporters made his brand even more polarizing. Kushner, whose last major business foray had left his family firm needing a $1.2 billion bailout, faced his own political fallout as a senior Trump aide.

But one ally moved quickly to the rescue.

The day after leaving the White House, Kushner created a company that he transformed months later into a private equity firm with $2 billion from a sovereign wealth fund chaired by Saudi Crown Prince Mohammed bin Salman. Kushner’s firm structured those funds in such a way that it did not have to disclose the source, according to previously unreported details of Securities and Exchange Commission forms reviewed by The Washington Post. His business used a commonly employed strategy that allows many equity firms to avoid transparency about funding sources, experts said.

A year after his presidency, Trump’s golf courses began hosting tournaments for the Saudi fund-backed LIV Golf. Separately, the former president’s family company, the Trump Organization, secured an agreement with a Saudi real estate company that plans to build a Trump hotel as part of a $4 billion golf resort in Oman.

The substantial investments by the Saudis in enterprises that benefited both men came after they cultivated close ties with Mohammed while Trump was in office — helping the crown prince’s standing by scheduling Trump’s first presidential trip to Saudi Arabia, backing him amid numerous international crises and meeting with him repeatedly in D.C. and the kingdom, including on a final trip Kushner took to Saudi Arabia on the eve of the Jan. 6, 2021, attack.

New details about their relationship have emerged in recently published memoirs, as well as accounts in congressional testimony and interviews by The Post with former senior White House officials. Those revelations include Kushner’s written account of persuading Trump to prioritize Saudi Arabia over the objections of top advisers and a former secretary of state’s assertion in a book that Trump believed the prince “owed” him.

They also underscore the crucial nature of Trump’s admission that he “saved” Mohammed in the wake of the CIA’s finding that the crown prince ordered the killing or capture of Post contributing opinion columnist Jamal Khashoggi.

Now, with Trump running for president again, some national security experts and two former White House officials say they have concerns that Trump and Kushner used their offices to set themselves up to profit from their relationship with the Saudis after the administration ended.

“I think it was an obvious opportunity for them to build their Rolodexes,” John Bolton, who was Trump’s national security adviser, said in an interview. “And I think they were probably hard at work at it, particularly Jared.”

“Why should Jared be worried about the Middle East?” Bolton said. “It’s a perfectly logical inference was that had something to do with business.”

In his memoir, Kushner did not mention his new equity firm or the Saudi investment, and he has not publicly addressed whether he talked to Mohammed during the administration about doing business with him afterward. It is not known whether Kushner discussed business deals with Mohammed while in office.

A former administration official allied with Kushner, who spoke on the condition of anonymity because he was not authorized to speak about the matter publicly, said there are numerous examples of top former government employees doing business with people they once dealt with while in public service. Kushner had such a broad agenda that it would be unfair to block business relationships with those he knew from his White House days, the former official said.

Trump declined to comment. His spokesman, Steven Cheung, said in response: “President Trump is the most pro-America president in history and used his superior negotiating skills to ensure this country is never beholden to anyone.” Eric Trump, Trump’s son who is also the executive vice president of the Trump Organization, said in a statement that “LIV is doing incredible things for the game of golf and it should be no surprise that we were asked to host these amazing events.” Trump has also previously said he did tens of millions of dollars of business with Saudis before becoming president.

The Saudi Embassy in Washington and a spokesman for the Saudi Public Investment Fund did not respond to requests for comment.

Democrats who have launched congressional investigations into Trump’s and Kushner’s ties to Saudi Arabia said there is no precedent for how the two have relied so significantly on Saudi investments in their businesses after directly helping Mohammed while in office. The lawmakers expressed concern that such business ties could leave them beholden to the crown prince if they return to the White House.

“The financial links between the Saudi royal family and the Trump family raise very serious issues,” said Sen. Ron Wyden (D-Ore.), who chairs the Senate Finance Committee and for several years has been investigating various ties between the Saudis, Trump and Kushner, “and when you factor in Jared Kushner’s financial interests, you are looking right at the cat’s cradle of financial entanglements.”

Those concerns come at a high-stakes moment in the fraught U.S.-Saudi relationship. The investments by the Saudis came as the U.S. State Department said in a 2021 report that there continued to be “significant human rights issues” in Saudi Arabia, citing “credible reports” of torture and executions for nonviolent offenses. President Biden, who has backed away from a campaign pledge to hold the kingdom to account for human rights abuses, clashed openly with Riyadh in the fall over cuts in oil production. Trump, if he is reelected, may be less likely to confront the Saudi regime in future crises due to his financial entanglements, experts say.

Retired military personnel are required under ethics rules to obtain approval to work for foreign governments like Saudi Arabia. But there’s no requirement for Trump, a former commander in chief, nor for former senior White House officials such as Kushner, to disclose if they have financial ties to foreign governments, according to Don Fox, former acting director of the Office of Government Ethics. He said their work has exposed a glaring shortfall in ethics laws that needs to be fixed by Congress.

“I think the Congress had a certain vision in mind for what the post-presidency looks like, such as creating a library and museum and some speaking and writing a memoir,” Fox said. “I don’t think it ever occurred to the drafters of these ethics laws that a former president would actually try to cash in on his years of office this way.”

Shortly after Trump’s election in 2016, Kushner connected with Mohammed for the first time.

Both were ascendant young scions of powerful families. Kushner, a 35-year-old with no foreign policy experience, was tapped by Trump to work toward Middle East peace; Mohammed, a 31-year-old deputy crown prince, was eyeing a path to the throne that seemed blocked by the reigning crown prince.

Over the next four years, that relationship would prove extraordinarily beneficial to both men.

Mohammed would reap arms sales, a presumed green light to blockade his neighboring nation of Qatar — despite a major U.S. military base there — and a hands-off policy when he imprisoned an array of leading Saudi citizens for months in a high-end hotel, reportedly demanding billions in funds from some in exchange for their release.

Trump and Kushner would get Mohammed’s support for an anti-terrorism center, arms purchases, and a deal normalizing relations between Israel and the United Arab Emirates and other nations.Kushner was the key, making regular trips to Saudi Arabia and staying in close contact with Mohammed — to the concern of some White House colleagues. Two former senior administration officials, speaking on the condition of anonymity to discuss internal matters, said they often felt they were in the dark on sensitive diplomatic issues on which Kushner took the lead.

“I didn’t really know what Jared was doing with the Saudis,” one former administration official said. “That was part of the problem. We didn’t know what Jared was doing generally. And, you know, other governments had decided that you want to get close to Trump, the way to do it is through Jared.”

At the outset, the Saudis had decided the incoming Trump administration could offer a reset to U.S. relations with the kingdom, despite Trump’s campaigning by saying that “Islam hates us” and calling for a “Muslim ban” of immigrants, Kushner wrote in his memoir.

Source: Washington Post