President-elect Trump on Tuesday announced that a company based in the United Arab Emirates will invest $20 billion to build data centers in several Midwest and Sun Belt states.
Trump spoke to the press at his Mar-a-Lago resort in Florida, where he was joined by Hussain Sajwani, the founder and chairman of DAMAC, an investment and property development company based in Dubai.
“I’m thrilled to announce today that DAMAC will be investing at least $20 billion over a very short period of time into the United States, and they may go double or even somewhat more than double of that amount of money. That’s a great thing,” Trump said.
The first phase of the project will be in Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois, Michigan and Indiana, Trump said.
“We’ve been waiting for years to increase our investments in U.S. to very large amounts of money,” Sajwani said. “For the last four years, we’ve been waiting for this moment, and we’re planning to invest $20 billion, and even more than that, if the opportunity in the market allows us.”
“At the moment, we’re planning $20 billion in datacenters catering to the AI and cloud business for the hyperscalers,” he added.
This is a developing story. Please check back for updates.
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