“The sky is the limit” for Damac’s US investments, says the head of the Dubai real estate giant

DUBAI, United Arab Emirates – The sky is the limit when it comes to Dubai giant Damac Properties’ investments in the United States, the company’s chairman told CNBC on Thursday.

Two days ago, President-elect Donald Trump The Emirati company announced $20 billion in foreign investment to build new data centers across the United States, adding that its founder and Chairman Hussain Sajwani has pledged “at least” that amount.

“The United States is a huge market, so (our investment) of $20 billion is a large amount when you look at it from our perspective. But, as far as I know, there is a significant amount of money being invested in it,” he added. “Data centers, some numbers are talking about $500 billion and more,” said Sajwani, a longtime friend and business partner of Trump. He pointed to Microsoft’s recent announcement of investing $80 in US data centers in 2025.

Asked by CNBC’s Dan Murphy whether he would eventually invest more in the US, Sajwani replied: “Well, I mean the sky is the limit, we can invest more, as much as the market requires, so the restrictions are not there.”

“Initially we can use our own financial resources, but then (in) the second phase we can use (a) third-party money, if our platform can grow to the next level,” he added.

Sajwani, an Emirati billionaire, founded Damac Properties in 2002. The company is part of the Damac Group, which has a significant presence in Dubai’s booming real estate market and is known for its mega projects, which include luxury high-rise buildings, hotels and villas in both Europe and Europe. The Middle East.

The company has also already expanded into the United States. In 2022, Damac Properties won a $120 million bid to buy land in the upscale Surfside area of ​​Miami, where it plans to build a luxury residential complex overlooking the ocean.

This breaking news story is being updated.