UAE billionaire to invest $20bn in US data centres

UAE billionaire and CEO of Damac Properties Hussain Sajwani will invest $20 billion in the booming US data centre sector in the coming years, Sajwani and US President-elect Donald Trump announced on Tuesday at Trump's home in Palm Beach, Florida.

A Damac spokesperson has confirmed the news on Tuesday evening.

"This is an extremely exciting moment for us. Our foray into the US market in data centres represents a significant milestone in our journey to build a global digital infrastructure platform that will empower businesses today and in the future,” said Hussain Sajwani, founder of Damac.

“Leveraging our expertise in real estate and data centres, we aim to deliver best-in-class infrastructure that supports the next wave of cloud and AI growth, helping further position the US in the technology and global data ecosystem,” he added.

At Trump's Mar-a-Lago estate, the incoming US President made the investment announcement and invited the Emirati businessman at the podium to speak. 

"We're planning to invest $20 billion and even more than that, if the opportunity in the market allows us," said Sajwani.

Just days before the announcement, Sajwani posted a photo on Instagram showing himself with Donald Trump and Elon Musk celebrating the New Year. In the image, he stands behind the two prominent figures, with the caption: "Starting the New Year with President Trump and Elon Musk at Mar-a-Lago."

The company operates in more than 20 countries worldwide and has delivered over 45,000 luxury units, with another 45,000 in the pipeline. In the data centre, the company has investments in ten countries around the world, including the Middle East, Asia, and Europe.

The US and other Western countries are some of the major destinations for UAE investors.

Jamal Bin Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC), last year said that the UAE has solidified its position as a leading regional and global player in foreign direct investment.

He said the total value of Emirati investments abroad, encompassing both government and private sectors, to have reached a staggering $2.5 trillion by the beginning of 2024.