One of the richest men in Dubai, Hussain Sajwani, who maintains close business ties with the Trump family, plans to invest $20 billion in data centers across the United States. This announcement was made by Donald Trump, the then U.S. President-elect, during a press conference.
The investment will be carried out through DAMAC Properties, one of Dubai’s largest real estate development companies, owned by Sajwani. This initiative highlights Trump’s ability to attract significant investments into U.S. economic projects. Previously, Japanese billionaire Masayoshi Son had also pledged a $100 billion investment in the U.S. following a meeting with Trump.
During the press conference, Trump stated that Sajwani’s decision was inspired by the results of the U.S. election, asserting that the investment would not have materialized without his victory. Trump also emphasized his intention to streamline legal and environmental processes to facilitate even larger investments. Sajwani, who attended the press conference, described Trump’s election win as “wonderful news” for himself and his family.
Sajwani has invested in data centers, a linchpin in tech development, such as artificial intelligence and cryptocurrencies. These will provide the much-needed infrastructure to house the hefty amounts of data that such technologies require.
While investors have sunk billions of dollars into data centers in the past, the $20 billion commitment from Sajwani shows how the tight relationship with Trump can mean special deals for investors. Trump has framed such projects as crucial to the growth of the U.S. economy.
According to projections by Blackstone Financial Group, approximately $1 trillion is expected to be invested in data centers in the U.S., with an additional $1 trillion globally over the next five years. Sajwani’s investment would account for about 2% of the forecasted domestic investment.
Sajwani plans to add data centers in the U.S., which are outside of EDGNEX’s global network. This is a company already reportedly active or planing expansions to countries such as the UAE, Saudi Arabia, Turkey, Spain, Thailand, and Indonesia.
DAMAC Properties has history with Trump, too. The company once developed the Trump International Golf Club in Dubai, paying the Trump Organization millions of dollars in licensing fees. While plans for a second golf course and a $2 billion deal between DAMAC and the Trump Organization never came to fruition, Sajwani recognized that Trump’s election brought new attention to his business. Sajwani has been seen visiting Trump’s Florida estate and joining in New Year’s Eve revelries with the President-elect and Elon Musk.
Currently, the Trump Organization is partnering with Saudi real estate company Dar Al Arkan on developments including Trump-branded buildings in Saudi Arabia and a Trump golf course in Oman. Plans for a Trump Tower to be built in Dubai-put on hold during the 2008 financial crisis-remain in the works.
The $20 billion that Hussain Sajwani has invested in U.S. data centers is a big deal for the digital economy and a signal of the strong commercial relationship between the two countries. It will have a great impact on the economy of the United States and the development of new technologies, but it also puts a spotlight on the political and personal factors that shape such investments.
Source: https://www.propertynews.ae
