UAE’s DAMAC Properties to invest $20bln in US data centers

The aim is to construct data centers nationwide, as announced by president-elect Donald Trump

The President of US Donald Trump unveiled a $20 billion Emirati investment in US data centers, as he sought to boost his claims of attracting new economic support before he becomes president.

«The investment will support massive new data centers across the Midwest, the Sun Belt area, and also to keep America on the cutting edge of technology,» Trump told reporters. «Artificial intelligence is very big into the data centers, and that’s going to be a very hot item in the coming years.»

Trump said the arrangement was with DAMAC Properties, with which he has a longstanding business relationship, including a golf course in Dubai.

Hussain Sajwani, the chairman of DAMAC, has been a close partner to the Trump family and stood by the president-elect after the attack on the Capitol in 2021 when other businesses turned away.

DAMAC Properties, primarily a real estate developer, plans to invest in new data centers across Texas, Arizona, Oklahoma, Ohio, Illinois, Louisiana, Michigan and Indiana. The data centers will support artificial intelligence and cloud services.

Sajwani is the latest foreign investor to announce intentions to make investments in the U.S. since Trump’s win. Last month, Trump announced Japanese tech conglomerate SoftBank plans to invest $100 billion in the U.S. and create 100,000 jobs in artificial intelligence and technology. Trump also made that announcement at Mar-a-Lago, alongside SoftBank’s CEO.