Trump says Dubai company will invest at least $20 billion in U.S. data centers

Dubai real estate developer DAMAC Properties will invest at least $20 billion “over a very short period of time” in the United States, primarily in data centers located in the center of the country, President-elect Donald Trump announced Tuesday. Hussain Sajwani stood nearby.

Speaking to reporters at Trump's Mar-a-Lago property in Florida, Trump and Sajwani said Trump's victory in November influenced the company's decision to make the investment.

“He’s doing it because he was very inspired by the election,” Trump said.

President-elect Donald Trump speaks as Hussain Sajwani, CEO of DAMAC Properties, listens during a news conference at Mar-a-Lago, Tuesday, Jan. 7, 2024, in Palm Beach, Florida. Evan Vucci / AP

DAMAC Properties, primarily a real estate developer, plans to invest in new data centers in Texas, Arizona, Oklahoma, Ohio, Illinois, Louisiana, Michigan and Indiana. Data centers will support artificial intelligence and cloud services.

“When he was elected in November, it was incredible news for me and my family,” Sajwani said. “We have been waiting for four years to increase our investments in the United States to a very significant amount.”

The president-elect said the company could even “double” that $20 billion investment, but Sajwani said his company would start with that $20 billion.

Former DAMAC president and current board member Farooq Arjomand has been linked to the effort to pay $600,000 to former FBI informant Alexander Smirnov, who was convicted of lying to the FBI regarding Hunter Biden's dealings with Burisma.

Trump promised that for companies investing $1 billion or more in the United States, his administration would expedite environmental permitting and other processes.

“We're going to help you and anyone who comes to the United States and wants to invest their money, so you're not stuck for the rest of your life and can't do anything,” Trump said. Tuesday.

Sajwani is the latest foreign investor to announce plans to invest in the United States since Trump's victory. Last month, Trump announced that Japanese technology conglomerate SoftBank would invest $100 billion in the United States and create 100,000 jobs in artificial intelligence and technology. Trump also made the announcement at Mar-a-Lago, alongside the CEO of SoftBank.

Michael Kaplan contributed to this report.

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Catherine Watson

Kathryn Watson is a politics reporter for CBS News Digital, based in Washington, DC.

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