North Macedonia's President Gordana Siljanovska Davkova welcomed a delegation of executives from the Trump Media & Technology Group and other business figures associated with former US president Donald Trump, who is again a presidential candidate, earlier this week. The visit, a few months ahead of the upcoming US presidential election, follows reports of Trump’s son-in-law Jared Kushner's plans to make substantial investments in real estate projects in Serbia and Albania.

A potential second Trump presidency holds significant interest for the ethnically divided Western Balkans. During Trump's first term, the White House was active in the region, in particular through special envoy Richard Grenell. Now, business leaders linked to Trump are exploring investment opportunities in the area ahead of a potential second Trump presidency.

On July 23, Siljanovska Davkova met with a US delegation, including prominent business figures like Chris Pavlovski, founder and CEO of Rumble, Howard Lutnick, founder and CEO of Cantor Fitzgerald, and Devin Nunes, former Californian congressman and executive director of the Trump Media & Technology Group. Lutnick and Nunes are known to be close associates of Trump. 

The visit came shortly after the election of the right-wing VMRO-DPMNE party, which defeated the social democratic SDSM government, along with the election of Siljanovska Davkova, the presidential candidate backed by VMRO-DPMNE.

North Macedonia's Prime Minister Hristijan Mickoski, appearing on Telma, revealed that Trump associates are exploring potential collaborations with the country, focusing on digital transformation projects. Discussions are underway with major corporations, including those led by Chris Pavlovski, who is of Macedonian origin, along with Trump allies Lutnick and Nunes. During the Nato summit in Washington earlier this month, Mickoski also met with Grenell, who is tipped as a potential secretary of state in the event of a Trump victory. 

Last month, Jared Kushner presented plans for a luxury hotel complex in Belgrade to Serbia’s President Aleksandar Vučić. The project, set to replace the bombed-out remnants of the Yugoslav General Staff headquarters — a stark reminder of the 1999 Nato bombings over the Kosovo War — has sparked significant controversy. Kushner, who established his investment firm Affinity Partners after leaving his White House advisory role, shared the project render on social media in March 2024. Two months later, Serbia's Minister of Construction, Transport and Infrastructure Goran Vesic signed an agreement with Kushner's company, Affinity Global Development, to renovate the former General Staff complex. Kushner's firm, based in Miami, has reportedly secured $2bn in funding from Saudi Arabia’s Public Investment Fund, along with investments from the UAE and Qatar.

According to a draft agreement obtained by the New York Times, the project involves a 99-year lease at no charge, allowing Kushner to construct a high-rise hotel, residential units, retail spaces, and a museum. Vucic praised the project on Instagram, stating it would transform Belgrade into a major regional hub. 

However, the agreement has provoked outrage in Belgrade, with critics accusing the government of currying favour with Trump ahead of the US elections and highlighting the irony of granting the site to representatives of the nation that destroyed it.

Serbia’s government is generally seen as sympathetic to Trump, who has strong supporters in the Western Balkans, especially in Serbia and Bosnia & Herzegovina’s Serb entity, Republika Srpska. Unlike the ideologically driven support from Central European leaders like Hungarian Prime Minister Viktor Orban, this stance reflects the ethno-nationalist divisions in the Balkans. Trump's 2016 victory over Hillary Clinton was well-received in Serbia, where many hold the Democrats responsible for the Nato bombing of Serbia in 1999 and the subsequent loss of Kosovo.

Yet the interest from Trump-affiliated businessmen extends beyond countries with sympathetic leadership. In Albania, ruled by Prime Minister Edi Rama’s Socialists since 2013, Affinity Partners plans to develop a luxury resort on Sazan Island, a former military base and protected marine park. Kushner aims to convert Sazan Island into a luxury Aman-branded eco-resort, as reported by Bloomberg. 

However, this project has also faced controversy. In March, Rama faced criticism for allegedly intimidating a journalist during a press conference when questioned about Kushner's investment deal. Critics, including the SafeJournalists Network and former Prime Minister Sali Berisha, condemned Rama's actions as "unacceptable" and “misogynistic", demanding an apology. Rama denied any wrongdoing, dismissing the accusations as “lies".

During Trump’s previous presidency, initial US engagement with the Western Balkans was limited until Grenell, the controversial US ambassador to Germany, was appointed special envoy for the region. Grenell brokered a deal on the resumption of air traffic between Serbia and Kosovo’s capitals, which was followed by a broader agreement between Belgrade and Pristina on September 4, 2020, under Trump's auspices, billed as a "historic" step toward normalising economic relations, though it faced criticism as details emerged. 

Kosovo’s Prime Minister Albin Kurti later accused Grenell of being "directly involved" in bringing down his former government, claiming Washington saw Kurti as an obstacle to the deal the White House sought before the US elections. Kurti's Vetevendosje party later won a landslide victory in February 2021.

While the outcome of the US election remains uncertain, especially after Democratic candidate Joe Biden’s decision to step down, Trump's allies are already positioning themselves for opportunities in the Western Balkans should he win.