DUBAI, United Arab Emirates — The sky is the restrict relating to Dubai property big Damac’s funding in america, the corporate’s chairman informed CNBC on Thursday.
Two days prior, President-elect Donald Trump introduced a $20 billion international funding by the Emirati firm to construct new knowledge facilities throughout the U.S. — including that its founder and chairman Hussein Sajwani was pledging “at the least” that quantity.
“The U.S. is a large market, so our $20 billion [investment] is a sizeable [amount of ] cash if you take a look at it from our perspective. However, to my information, there’s a massive sum of money getting invested in knowledge facilities, and a few numbers are speaking about $500 billion and extra,” mentioned Sajwani, who’s a longtime buddy and enterprise associate of Trump. He pointed to Microsoft’s current announcement on investing $80 into American knowledge facilities in 2025.
Requested by CNBC’s Dan Murphy if he would finally make investments extra within the U.S., Sajwani replied: “Nicely I imply, the sky is the restrict, we will make investments extra, as a lot because the market takes, then the limitation just isn’t on.”
He added, “we will use initially our personal monetary sources, however then [in the] second section we will use [a] third occasion’s cash, if our platform can develop to the following degree.”
CEO of DAMAC Properties Hussain Sajwani makes remarks subsequent to U.S. President-elect Donald Trump, at Mar-a-Lago in Palm Seashore, Florida, U.S. January 7, 2025.
Carlos Barria | Reuters
Sajwani, the Emirati billionaire, based Damac Properties in 2002. The corporate is a part of Damac Group, a significant presence in Dubai’s burgeoning actual property market that’s identified for its megaprojects, which embody luxurious high-rises, inns and villas in each Europe and the Center East.
The corporate has additionally already expanded into the U.S. In 2022, Damac Properties received a $120 million bid to buy land in Miami’s upscale Surfside district, the place it plans to construct a luxurious oceanfront condominium.
This breaking information story is being up to date.
