Dubai property giant says ‘sky’s the limit’ for Damac to invest in US

DUBAI, United Arab Emirates — The sky’s the limit when it comes to Dubai real estate giant Damac’s investment in the United States, the company’s chairman told CNBC on Thursday.

President elected two days ago Donald Trump It announced $20 billion in foreign investment by an Emirati company to build new data centers in the United States – adding that its founder and chairman Hussain Sajwani was pledging “at least” that amount.

“The US is a huge market, so our $20 billion (investment) is a big (amount) of money from our point of view. But as far as I know, a huge amount of money is being invested. data centers and some figures are talking about $500 billion and more “, said Sajwani, a long-time friend and business partner of Trump, about Microsoft investing $80 in American data centers in 2025 pointed to his last statement.

Asked by CNBC’s Dan Murphy whether he would eventually invest more in the US, Sajwani said: “Well, the sky’s the limit, we can invest as much as the market demands, then there’s no limit.”

He added, “we may use our own funding initially, but then (in the second phase) if our platform can scale to the next level, we may use (a) third-party money.”

Emirati billionaire Sajwani founded Damac Properties in 2002. The company is part of the Damac Group, a major presence in Dubai’s booming real estate market and known for its megaprojects. Middle East.

The company has already expanded into the United States, and in 2022 Damac Properties won a $120 million bid to buy land in Miami’s upscale Surfside district, where it plans to build luxury oceanfront condominiums.

This latest news is being updated.