UAE billionaire Hussain Sajwani’s company, DAMAC, plans to invest $20 billion in data centers in the US, as announced by President-elect Trump
DAMAC Properties, a company from the UAE, will spend $20 billion to build data centers in the US. This was announced on Tuesday by its billionaire CEO, Hussain Sajwani, and President-elect Donald Trump.
Investment in Data Centers
DAMAC, the company that owns the only Trump-branded golf course in the Middle East (opened in Dubai in 2017), plans to invest $20 billion or more in data centers.
At a meeting at Trump’s Mar-a-Lago home in Florida, DAMAC’s chairman, Sajwani, said the investment will focus on supporting artificial intelligence (AI) and cloud businesses. Trump added that the investment will help build large new data centers and keep the U.S. at the forefront of AI and technology.
The first phase of the project will cover several states, including Arizona, Texas, Louisiana, Ohio, Oklahoma, Indiana, Michigan, and Illinois. Trump also said tax policies and tariffs would be used to attract more foreign companies to invest in the U.S.
Edgnex Expansion
In December, DAMAC’s data centers unit, Edgnex, teamed up with Greece’s PPC Group to start a joint project called Data In Scale. They plan to build a data center in Spata, near Athens. The first phase will cost $157 million, and construction will start in early 2025.
The company also shared plans to invest $1 billion in Thailand, $419 million in Spain, and to build facilities in Saudi Arabia and Jordan.
What to watch for
The data center market is expected to be worth $127.1 billion in 2024 and grow to $254.4 billion by 2029. This is a growth rate of 14.9% each year, according to a report by Mordor Intelligence.
Tangent
In December, Trump said that Japan’s Softbank Group will invest $100 billion in the U.S. over the next four years, with the CEO of Softbank, Masayoshi Son, present.
Published: 8th January 2025
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