On January 7th, US President-elect Trump announced that billionaire and DAMAC Properties founder Hussain Sajwani from the United Arab Emirates has pledged to invest at least $20 billion in building data centers across the United States during his tenure.
This investment once again highlights Trump’s ability to seek funding for large-scale projects.
Last month, Japanese billionaire and SoftBank Group founder Masayoshi Son also announced jointly with Trump at the Mar-a-Lago estate that they will invest $100 billion in the United States. It is expected that this investment will create 100,000 job opportunities in the US, with a focus on artificial intelligence (AI) and related infrastructure.
On Tuesday, Trump stated during a press conference that he believes Sajwani’s commitment was inspired by the results of the US presidential election.
“If it wasn’t for the election, this investment wouldn’t have happened. This proves that people are regaining confidence in America’s economic prospects,” Trump said.
He pointed out that Sajwani has pledged to invest “at least” $20 billion, which may eventually increase to double or even more.
Trump stated that the “first phase” of the plan will take place in Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois, Michigan, and Indiana.
He emphasized that he plans to expedite the environmental regulatory review process for investments of $1 billion or more.
Following Trump, Sajwani briefly joined the press conference and stated, “His (Trump) election in November was amazing news for me and my family. We have waited four years to increase our investment and to invest substantial sums in America.”
Sajwani added, “We plan to invest $20 billion, and if market opportunities allow, it may even exceed this figure.”
Since Trump’s reelection in November, Sajwani has made multiple appearances at Trump’s Mar-a-Lago estate in Florida. He released a photo with Trump and Musk during a New Year’s Eve celebration.
Sajwani’s promised investment once again advances the trend of constructing data centers in the US. These data centers are used for developing artificial intelligence, expanding cryptocurrency, and other digital economic elements that rely on increased computing power.
Analysts estimate that the US data center industry is expected to see unprecedented growth in the next five years. Such foreign investments are key to maintaining global competitiveness. In order to counteract China’s ambitions in the technology sector, the US has implemented various restrictions in hopes of preventing China from obtaining the chips needed to build advanced data centers.