$20 billion in new investments in America by Damac Real Estate

US President-elect Donald Trump announced on Tuesday a new investment amounting to $20 billion to establish data centers across the United States.

Trump said in a press conference in Pam Beach, Florida, that the investor is Emirati billionaire Hussain Sajwani, Chairman of Damac Properties..

Trump introduced Sajwani as “one of the most respected business leaders in the Middle East and indeed the world.”

Over the past year, large technology companies have raced to establish data centers necessary to run generative artificial intelligence applications such as GPT Chat by OpenA and Gemini by Google, applications that require enormous computing capabilities..

Microsoft said last week that it will spend about $80 billion in the current fiscal year to increase its capabilities in artificial intelligence.

Overall, McKinsey estimates that global spending on purchasing and installing mechanical and electrical systems for data centers will likely exceed $250 billion by 2030.