DUBAI, United Arab Emirates — There are no limits when it comes to Dubai real estate giant Damac’s investments in the United States, the company’s chairman told CNBC on Thursday.
Two days earlier, the president-elect Donald Trump announced a $20 billion in foreign investment from Emirati company to build new data centers across the United States – adding that its founder and chairman Hussein Sajwani was promising “at least” that amount.
“The United States is a huge market, so our $20 billion [investment] is an important [amount of ] money when we look at it from our point of view. But, as far as I know, large amounts of money are being invested in data centers, and some numbers are talking about $500 billion and more,” said Sajwani, who is a longtime friend and business partner of Trump. He highlighted Microsoft’s recent announcement of an $80 billion investment in US data centers in 2025.
Asked by CNBC’s Dan Murphy if he would eventually invest more in the United States, Sajwani replied: “Well, I mean, there’s no limit, we can invest more, as much as the market demands, then the limitation is not applied.”
He added: “We can initially use our own financial resources, but then [in the] second phase, we can use [a] third party money, if our platform can reach the next level.
DAMAC Properties CEO Hussain Sajwani makes remarks next to U.S. President-elect Donald Trump, at Mar-a-Lago in Palm Beach, Florida, U.S., January 7, 2025.
Carlos Barría | Reuters
Sajwani, the Emirati billionaire, founded Damac Properties in 2002. The company is part of the Damac Group, a major presence in Dubai’s booming real estate market, known for its megaprojects including luxury skyscrapers, hotels and villas in Europe and the Middle East.
The company has also already expanded into the United States. In 2022, Damac Properties won a $120 million bid to purchase land in Miami’s upscale Surfside neighborhood, where it plans to build a luxury beachfront condominium.
Sajwani expressed optimism about his outlook for the U.S. business climate under Trump and continued partnerships with the Middle East, calling the president-elect “very pro-business.”
“He likes to encourage business people to come to the United States, he likes that his country is open for business and investment, and he has been very positive,” the president said. Sajwani spent 11 days at Mar-a-Lago, including New Year’s Eve with Trump and his family. During that time, he also spent time with Elon Musk and other close associates of the president-elect.
Damac’s announcement follows other foreign investment deals that have been unveiled since Trump’s election, including a plan to Flexible banking CEO Masayoshi Son will invest $100 billion in the United States and create 100,000 jobs during Trump’s four-year term.
— CNBC’s Eamon Javers and Kevin Breuninger contributed to this report.
Correction: This article has been updated to reflect that Microsoft announced it would invest $80 billion in U.S. data centers in 2025.
