Saudi Crown Prince Mohammed bin Salman (MBS) has faced growing criticism over his high-stakes financial investments, particularly his decision to inject $2 billion from Saudi Arabia’s Public Investment Fund (PIF) into a private equity firm managed by Jared Kushner, the son-in-law of former U.S. President Donald Trump. Despite the enormous investment, Kushner’s firm, Affinity Partners, has failed to yield any profits, raising concerns about the Crown Prince’s financial decisions and the motivations behind these deals.
No Profits, Only Questions
Since 2021, MBS has funneled $2 billion into Affinity Partners, hoping for high returns. However, two years later, the firm has not provided any profits to its investors, which include the Saudi government. This lack of financial return has caught the attention of U.S. lawmakers, particularly Senator Ron Wyden, who questioned the legitimacy of Kushner’s investment firm.
Wyden suggested that Affinity Partners might have been established to enrich Kushner’s family rather than to operate as a traditional investment fund that generates returns for its partners.
The absence of any tangible financial gain has also triggered concerns among economic observers, who believe that this investment might not have been purely financial but rather politically motivated. For MBS, securing influence in the United States, especially among key Trump administration figures, appears to have been the driving force behind the deal.
A Controversial Relationship
The close relationship between MBS and Jared Kushner began to take shape during MBS’s visit to Washington in 2017. The two, both in their 30s at the time, quickly bonded, forming a warm and direct relationship. Kushner, then serving as a senior advisor to President Trump, reportedly bypassed traditional diplomatic channels in his interactions with MBS, raising eyebrows within the U.S. political establishment.
One of the most controversial aspects of their relationship came when MBS allegedly claimed to have “put Kushner in his pocket” after receiving sensitive U.S. intelligence through improper channels. This revelation, reported by The Intercept, fueled suspicions that MBS was leveraging his personal connection with Kushner to secure access to classified information and advance Saudi interests.
A Country in Crisis, Funds Mismanaged
As the Saudi government pours billions into risky, politically charged investments, many Saudi citizens are facing economic difficulties. The nation is grappling with rising taxes, fuel prices, and unemployment, leaving many Saudis frustrated by the apparent mismanagement of public funds. Rather than addressing these pressing issues and improving the livelihoods of ordinary citizens, MBS has been accused of diverting large sums of money into ventures that benefit foreign entities, particularly figures connected to the Trump administration.
The New York Times revealed that six months after leaving the White House, Jared Kushner secured $2 billion from the Saudi PIF, despite internal concerns from advisors who deemed the investment unjustified. Critics argue that this move was part of MBS’s strategy to cultivate favor with influential figures in the Trump orbit, likely in anticipation of Trump’s potential return to power in the 2024 U.S. presidential election.
Other High-Risk Investments
Jared Kushner’s Affinity Partners isn’t the only example of MBS’s questionable financial choices. The Saudi Crown Prince also directed the PIF to invest $1 billion in Liberty Strategic Capital, a new fund established by former U.S. Treasury Secretary Steven Mnuchin. Mnuchin, like Kushner, was a key figure in the Trump administration, and his ties to Saudi Arabia have raised similar concerns about the political motivations behind these investments.
Observers see these investments as part of MBS’s broader gamble on Trump’s potential return to power. If Trump wins the 2024 election, MBS hopes that Saudi Arabia’s relations with Washington could be restored to the favorable status they enjoyed during Trump’s presidency, a sharp contrast to the strained relations the kingdom currently has with the Biden administration.
A Political Gamble at the Expense of Saudis
Ultimately, MBS’s $2 billion investment in Jared Kushner’s fund, along with his other investments in Trump-linked officials, points to a larger pattern of using public funds to secure political influence. This approach has drawn criticism for its lack of financial accountability and its focus on personal and political gain over the needs of Saudi citizens.
At a time when many Saudis are struggling with rising costs of living and economic uncertainty, the Crown Prince’s decision to channel billions into ventures that yield no profits is seen as deeply irresponsible. Critics argue that these investments do little to benefit the kingdom’s economy or improve the quality of life for its citizens. Instead, they appear to be a high-risk political strategy that could backfire if Trump does not return to the White House.
As MBS continues to manage Saudi Arabia’s vast public funds, the pressure is mounting for him to demonstrate more prudent financial stewardship and focus on addressing the kingdom’s economic challenges. Until then, the $2 billion invested in Kushner’s firm remains a symbol of the Crown Prince’s controversial approach to balancing personal ambition with national responsibility.
