UAE company Damac Properties has made a $20 billion investment in the US to build data centres, president-elect Donald Trump announced on Tuesday. Hussain Sajwani, founder and chairman of the Dubai-based real estate developer, said it could increase its investment under the right market conditions.
“We’ve been waiting four years to increase our investments in the US to a very large amount of money,” Mr Sajwani said alongside Mr Trump in Palm Beach, Florida. He said the investment would go towards data centres that cater to artificial intelligence and cloud businesses.
Mr Trump said the first phase of the project will be carried out in Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois, Michigan and Indiana. “The investment will support massive new data centres across the Midwest, the Sun Belt area, and also to keep America on the cutting edge of technology,” he said.
The US investment follows similar investments the group has recently made in Thailand and Saudi Arabia.
“[Mr Sajwani] has done sterling work in helping promote the US-UAE business and trade relationship and this new deal underscores his interest in advancing his work … particularly in these data centres,” Danny Sebright, president of the US-UAE Business Council in Washington, told The National.
In February, Damac’s digital unit Edgnex Data Centres linked up with British telecoms operator Vodafone to invest $100 million in a project in Turkey. The data centre, which will be built in Turkey's third most populous city of Izmir, will have a capacity of six megawatts and is expected to be completed by 2025,
Demand for data centre infrastructure grew during the coronavirus pandemic as companies moved their business to the cloud in response to the disruption caused by Covid-19.
Last year, Damac launched about 12,000 new home units and plans to introduce a similar number this year. In December, the company launched Damac Islands development at Dubailand and sold more than 3,000 units in less than 10 hours, with sales totalling Dh10 billion ($2.72 billion), according to the company.
Tuesday's announcement is the latest major foreign investment into the US after Mr Trump won the 2024 presidential election.
SoftBank chief executive Masayoshi Son last month announced the Japanese company would invest $100 billion in US projects over the next four years.
Mr Trump has said both investments were made because businesses approved of his election win.
“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,” the president-elect said of Mr Sajwani.
Trump Organisation ties
The Emirati businessman has a close relationship with Mr Trump. A Trump-branded golf club in Dubai under Damac was also opened before Mr Trump left office in 2017. It is the Middle East's only Trump-branded golf course.
“He is a well-respected business partner of Mr Trump,” Mr Sebright said. Now, the company is again open to work with the Trump Organisation on new projects.
“If the right opportunity presents itself, we are more than happy to work with our all trusted partners, whether it is the Trump Organisation or any other partner,” Ali Sajwani, managing director of Damac Properties, told The National in December.
The Trump Organisation, owned by the president-elect, is also teaming up with London listed Dar Global to develop projects in Oman, Dubai and Saudi Arabia.
Eric Trump, one of Mr Trump's sons and the organisation's executive vice president, said the company is also hoping to further expand into the region with new projects.
Founded in 2002, Damac Properties was listed on the Dubai Financial Market in January 2015. However, in March 2022, the company was delisted and converted back into a private entity.
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Rating: 4.5/5
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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- 400m Olympic running track
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- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
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How to vote
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
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Engine: 2x201bhp AC Permanent-magnetic electric
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You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
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