DUBAI, United Arab Emirates – The chairman of Dubai real estate giant Damac told CNBC on Thursday that there are no restrictions on the company’s investments in the United States.
Two days ago, President-elect Trump announced that the UAE company would invest $20 billion to build new data centers across the United States, adding that its founder and chairman Hussein Sajwani had pledged “at least ”This amount.
“The U.S. is a huge market, so from our perspective, our $20 billion (investment) is a pretty large amount of money. But, I understand, there is a lot of money invested in data centers, and some of the numbers are Talk about $500 billion or more,” said Sajwani, Trump’s longtime friend and business partner. He pointed to Microsoft’s recent announcement that it will invest $8 billion in U.S. data centers by 2025.
When asked by CNBC’s Dan Murphy whether he would eventually invest more in the U.S., Sajwani responded: “Well, I mean, the sky is the limit, we can invest as much as the market demands, then there are no limits. will exist.
He added, “We can initially use our own financial resources, but in the second phase, if our platform can grow to the next level, we can use third-party funding.”
Damac Real Estate CEO Hussain Sajwani speaks with US President-elect Donald Trump at Mar-a-Lago in Palm Beach, Florida, USA on January 7, 2025.
Carlos Barria | Reuters
Damac Properties was founded in 2002 by Emirati billionaire Sajwani. Famous for its luxury high-rise buildings, hotels and villas in Europe and Europe.
The company has also expanded into the United States.
Suwani expressed optimism about the U.S. business environment under Trump and the prospects for further cooperation with the Middle East, calling the president-elect “very pro-business.”
“He likes to encourage business people to come to the United States, he likes his country to be open to business and investment, and he’s very proactive,” the chairman said. Suwani spent 11 days at Mar-a-Lago, including spending New Year’s Eve with Trump and his family. During this time, he also spent time with Elon Musk and other close associates of the president-elect.
Damac’s announcement follows other foreign investment deals announced since Trump was elected, including SoftBank CEO Masayoshi Son’s plan to invest $100 billion in the United States and create 100,000 jobs during Trump’s four-year term.
—CNBC’s Eamon Javers and Kevin Breuninger contributed to this report.
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