One of the top private developers in the UAE, Damac Properties, will invest $20bn in US data centres. The investment, made through Damac Group’s fully-owned subsidiary EDGNEX, feeds into an existing boom for constructing data centres used in the development of AI and the expansion of cryptocurrency.
The move was announced at a press conference by President-elect Donald Trump and Damac founder Hussain Sajwani. This is not the first collaboration between the two, with Damac having built the Dubai-based Trump International Golf Club shortly before he first entered the White House.
The move is seen as an important step in the US-UAE business and trade relationship.
Gulf Economist Staff Writer