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: Announcing the investment alongside president-elect Donald Trump, Sajwani noted Damac has “been waiting four years to increase our investments in the US to a very large amount of money,” adding that his election came as “amazing news” for him and his family. Damac already has a condo project in Miami and is exploring more US real estate opportunities, the developer said in the statement.

Trump also said his election helped secure the commitment, highlighting the company’s longstanding ties with Trump, including a Trump-branded golf course in Dubai and past discussions of some USD 2 bn in agreements that did not materialize after Trump’s 2016 election. Trump said that Sajwani was “very inspired by the election and wouldn’t do it without the election” during the presser.

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 Sparta, 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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