Damac to rely on borrowing for USD 20 bn data center investment: Between 60-70% of Dubai-based Damac Properties’ USD 20 bn investment in US data centers will be financed through borrowing, including from banks, financial institutions or bonds, Damac Founder Hussain Sajwani told Bloomberg last week. The remaining 30% — about USD 5-6 bn — will be self-financed by the developer’s budget, Sajwani said, ruling out the possibility of government funding.

The investment is part of Damac’s broader push into the US market, after first snagging a USD 120 mn bid back in 2022 for land in Miami’s Surfside district to build a luxury oceanfront condo, Sajwani said in another CNBC interview (watch, runtime: 02:24). Sajwani expressed optimism in the US’ growing USD 500 bn data center market, lauding that “the sky’s the limit” for future windows in the country under the “pro-business” environment of President-elect Donald Trump, who Sajwani said is supportive of foreign investment.

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