Damac to invest USD 20 bn in US data centers: Dubai-based Damac Properties committed USD 20 bn in data centers across the US, US president-elect Donald Trump and Damac Founder Hussain Sajwani said at a press conference (watch, runtime: 2:04) yesterday. The project will focus on supporting AI and cloud businesses, with the first phase covering Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois, Michigan, and Indiana.

What we know: The developer is eyeing 2 GW capacity over the next four years in the US, with the possibility of “doubling” its investment depending on market demand and opportunity, according to a statement from Damac. The first phase will see Damac strike up joint ventures with partners and acquire land banks and existing data centers.

Damac has been eyeing the US for a while: Damac has “been waiting four years to increase our investments in the US to a very large amount of money,” Sajwani said, adding that Trump’s election came as “amazing news” for him and his family.

The story got a lot of ink in the foreign press: AP | Bloomberg | Reuters | CNBC | NYT

REMEMBER- Damac is making a big push into data centers globally:

  • Southeast Asia: The company revealed plans last month to invest approximately USD 3 bn in establishing data centers across Southeast Asia through its subsidiary Edgnex over the next three to five years, primarily targeting Malaysia, Indonesia, and Thailand.
  • Saudi Arabia: Edgnex is also investing USD 600 mn in data centers in Dammam and Riyadh in Saudi Arabia, expected to launch this year. The company also signed a MoU with Salam, Cinturion, and Emaar, Economic City, to develop a digital infrastructure hub in Jeddah.
  • Turkey + Greece: Edgnex allocated USD 100 mn with Vodafone Turkey for a 6 MW data center in Izmir, also set to go online this year, as well as a separate initial USD 150 mn investment for a data center in Spata, Greece.

IN CONTEXT- Damac had been planning to invest USD 5 bn to 7 bn globally over the next few years to expand its operations and address rising demand for digital infrastructure, Danish Nayar, senior vice president of investments and acquisition at Damac Group, told Bloomberg previously.

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