Emirati billionaire pledges to invest $20bn in US data centres
Dubai developer Damac will inject more than that if opportunity allows, says Hussain Sajwani
07 January 2025 - 21:01
by Steve Holland and Arsheeya Bajwa
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Hussain Sajwani makes remarks next to US president-elect Donald Trump at Mar-a-Lago in Palm Beach, Florida, the US, January 7 2025. Picture: REUTERS/CARLOS BARRIA
Palm Beach, Florida — Emirati billionaire Hussain Sajwani promised a $20bn investment in the booming US data centre industry in the coming years, he and US president-elect Donald Trump announced on Tuesday at Trump’s home in Palm Beach, Florida.
With an election victory largely driven by voters’ economic concerns, Trump has doubled down on bolstering investments in domestic industries and proposed higher tariffs on Chinese goods as the US tries to curb China’s access to the chips needed for advanced data centres.
“We’re planning to invest $20bn and even more than that, if the opportunity in the market allows us,” said Sajwani, founder of Dubai developer Damac, at Trump’s Mar-a-Lago home.
Damac owns the Middle East’s only Trump-branded golf course in Dubai, which opened in 2017, and the billionaire celebrated the New Year with Trump in Florida.
Trump has an affinity for announcements promising economic growth, though such investments do not always pan out. Early in his first term, he announced a $10bn Foxconn investment in a Wisconsin factory that promised thousands of jobs but was mostly abandoned.
Last month Trump and SoftBank Group CEO Masayoshi Son announced the Japanese tech investor would invest $100bn in the US over the next four years, focused around artificial intelligence (AI).
The introduction of OpenAI’s GenAI chatbot ChatGPT in late 2022 kicked off a wave of investment in generative AI technology and the pricey infrastructure required to support it, including power generation and transmission.
Microsoft said last week it would spend about $80bn this fiscal year to ramp up its AI capacity.
Restrictions on the export of coveted AI chips used in advanced data centres to China have tightened under the Biden administration, and Trump has nominated China hardliners to key diplomatic and economic roles in his administration.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Emirati billionaire pledges to invest $20bn in US data centres
Dubai developer Damac will inject more than that if opportunity allows, says Hussain Sajwani
Palm Beach, Florida — Emirati billionaire Hussain Sajwani promised a $20bn investment in the booming US data centre industry in the coming years, he and US president-elect Donald Trump announced on Tuesday at Trump’s home in Palm Beach, Florida.
With an election victory largely driven by voters’ economic concerns, Trump has doubled down on bolstering investments in domestic industries and proposed higher tariffs on Chinese goods as the US tries to curb China’s access to the chips needed for advanced data centres.
“We’re planning to invest $20bn and even more than that, if the opportunity in the market allows us,” said Sajwani, founder of Dubai developer Damac, at Trump’s Mar-a-Lago home.
Damac owns the Middle East’s only Trump-branded golf course in Dubai, which opened in 2017, and the billionaire celebrated the New Year with Trump in Florida.
Trump has an affinity for announcements promising economic growth, though such investments do not always pan out. Early in his first term, he announced a $10bn Foxconn investment in a Wisconsin factory that promised thousands of jobs but was mostly abandoned.
Last month Trump and SoftBank Group CEO Masayoshi Son announced the Japanese tech investor would invest $100bn in the US over the next four years, focused around artificial intelligence (AI).
The introduction of OpenAI’s GenAI chatbot ChatGPT in late 2022 kicked off a wave of investment in generative AI technology and the pricey infrastructure required to support it, including power generation and transmission.
Microsoft said last week it would spend about $80bn this fiscal year to ramp up its AI capacity.
Restrictions on the export of coveted AI chips used in advanced data centres to China have tightened under the Biden administration, and Trump has nominated China hardliners to key diplomatic and economic roles in his administration.
Reuters
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