President-elect Donald Trump announced Tuesday that DAMAC Properties, a global real estate development company, will invest at least $20 billion in the United States to construct data centers.
Trump made the announcement at a Mar-a-Lago press conference alongside Emirati tycoon Hussain Sajwani, who founded and chairs Damac Properties, which is headquartered in Dubai.
“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,” he said after praising Sajwani as “one of the most respected business leaders in the Middle East.”
“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,” he added.
Trump further noted 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 and artificial intelligence.”
Sajwani expressed his gratitude to Trump and spoke glowingly about his reelection, noting he and his family were waiting to ramp up investments in the Biden years.
“It’s been amazing news for me and my family when he was elected in November,” he said, going on to laud Trump’s policies that encourage investment in the United States.
“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 and the market allow us,” Sajwani added.
This announcement comes just weeks after Japanese investment giant SoftBank revealed at a Mar-a-Lago press conference in December that it would invest $100 billion in the United States during Trump’s second term.
“I am truly excited to make this happen,” SoftBank CEO Masayoshi Son said. “President Trump’s victory has energized the business world, and we are proud to support his vision for growth and innovation.”