UAE property firm Damac is to invest billions of dollars into developing data centers in the US.
Speaking from his Mar-a-Lago resort in Palm Beach, Florida, President-elect Donald Trump announced the company would be investing “at least $20 billion over a very short period of time” into data centers.
The company will invest in sites in Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois, Michigan and Indiana, Trump said. Further details on locations, specifications, and timelines weren’t shared.
Update: In a subsequent press release from Damac, the company said it will deliver data centers totaling 2GW of capacity over the next four years.
"The first phase includes capacity build-up through joint ventures with partners, acquiring land banks in conjunction with utilities, and acquiring existing data centers and platforms. It will represent approximately 500MW capacity—one in the Sunbelt and one in the Midwest," Damac said.
President Trump claimed his winning of the 2024 US Presidential election was the driver behind the investment, saying the company wouldn’t have done it without him winning.
Damac fonder Hussain Sajwani, who was on stage in Florida, said he had been "waiting four years” to increase its investments in the US.
UAE property firm Damac Group set up Edgnex (aka Damac Data Centres) in 2021. The company is building facilities in Saudi Arabia, Turkey, Malaysia, Indonesia, Thailand, Jordan, Spain, and Greece, with more planned. The company's latest press release mentions projects in Finland and Italy.
The announcement mirrors one made last month by SoftBank CEO Masayoshi Son, who recently announced a $100 billion investment in the US over the next four years focused on artificial intelligence and related infrastructure.
