DAMAC Properties Investing $20 Billion in Data Centers in U.S.
President-elect Donald Trump announced DAMAC Properties will invest $20 billion in new data centers across America.
DAMAC Properties, a United Arab Emirates company, felt inspired to invest after Trump won in November.
Emirati billionaire Hussain Sajwani founded the property development company in 2002, which has become a global developer of luxury developments.
Trump said from Mar-a-Lago:
And I’m thrilled to announce today that DAMAC will be investing at least $20 billion over a very short period of time into the United States, and they may go double or even somewhat more than double that amount of money.It’s a great thing, and I believe he will say that he’s doing it because of the fact that he was very inspired by the election. They wouldn’t do it without that election, I can tell you a lot of people wouldn’t. You saw last week where we have somebody who’s going to go from $100 to $200 billion, and we have many other people, and we’ll be bringing some of them out. Some of them like to do it somewhat more quietly and some don’t. And they feel so strongly about the country that they want to let people know about it, but it’s an honor to have such a great investor investing in our country.The investment will support massive new data centers across the Midwest and the Sunbelt area and also to keep America on the cutting edge of technology and artificial intelligence. He’s very big into the data centers, and that’s going to be a very hot item in the coming years, as you know, with AI.
Sajwani spoke after Trump:
Thank you, Mr. President. It’s been amazing news for me and my family when he was elected in November. We’ve been waiting four years to increase our investments in the U.S. with a very large amount of money.We are a company operating in more than 20 countries around the world. We have delivered more than 45,000 luxury units and another 45,000 in the pipelines. In data centers, we are in ten countries around the world, in Asia, Europe, and Middle east, and we’re very, very excited now with his leadership and his open strategy and policy to encourage businesses to come to U.S.For the last four years, we’ve been waiting for this moment, and we’re planning to invest $20 billion and even more than that if the opportunity in the market allow us. But at the moment, we’re planning $20 billion in data center catering for the AI and cloud business for the hyperscalers.
Eight states will receive data centers in the first phase: Arizona, Illinois, Indiana, Louisiana, Michigan, Ohio, Oklahoma, and Texas.
In December, SoftBank Group CEO Masayoshi Son announced the internet and telecommunications company planned to invest $100 billion. The money will create at least “100,000 jobs focused on artificial intelligence and emerging technologies.”
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