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President-elect Trump announced on Tuesday that the United Arab Emirates-based company will invest $20 billion to build data centers in several Midwestern and Sun Belt countries.
Trump spoke to reporters at his Mar-a-Lago resort in Florida, where he was joined by Hussain Sajwani, founder and chairman of DAMAC, a Dubai-based real estate investment and development company.
“I’m thrilled to announce today that DAMAC will invest at least $20 billion in a very short period of time in the United States, and they could double or even more than double that amount of money. That’s a great thing,” Trump said.
The first phase of data center the project will be in Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois, Michigan and Indiana, Trump said.
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President-elect Trump announced DAMAC’s $20 billion data center investment. (James Devaney/GC Images/Getty Images)
“We’ve been waiting for years to grow our investment in the US to a very large amount of money,” Sajwani said. “We have been waiting for this moment for the last four years and plan to invest 20 billion dollars, and even more if the market opportunity allows us.
“At the moment we are planning $20 billion in provisioning data centers AI and cloud business for hyperscalers,” he added.
Sajwani said DAMAC has delivered more than 45,000 luxury residential units and has another 45,000 in the pipeline. He added that the company’s data center business is present in 10 countries around the world in Asia, Europe and the Middle East.
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Data centers will be built in several Midwestern and Sun Belt states with DAMAC’s investment. (Paul Moseley/Fort Worth Star-Telegram/Tribune News Service via Getty Images/Getty Images)
The DAMAC Group was founded in 1982 and its subsidiary DAMAC Properties was launched in 2002 after the UAE opened real estate market international investors. The company launched its first project in the Dubai Marina area that year.
DAMAC Properties has built projects throughout The Middle Eastincluding Qatar, Saudi Arabia, Jordan, Lebanon, as well as China, Singapore and the United Kingdom, according to the company’s website.
Trump and Sajwani have done business together in the past. In 2016, Trump disclosed in a Federal Election Commission filing that he and his company received between $1 million and $5 million from DAMAC for a golf course project in the UAE, the AP reported in 2017.
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Trump International Golf Club Dubai opened in 2017. The club is located within DAMAC’s Akoya residential complex, which features more than 2,600 luxury villas and 7,000 apartments.
This is a developing story. Check again for updates.
