‘The sky is the limit’ on Damac investment in the U.S., Dubai property giant’s chief says

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

Two days before, elected president Donald Trump announced a foreign investment of $20 billion from the Emirati company to build new data centers in the United States – adding that its founder and chairman Hussein Sajwani promised “at least” that amount.

“The United States is a huge market, so our $20 billion [investment] it’s a big one [amount of ] money when seen from our point of view. But, to my knowledge, there is a large amount of money being invested in data centers, and some numbers are talking about $500 billion and more,” said Sajwani, who is a longtime friend and business partner of Trump announced an $80 billion investment in US data centers by 2025.

Asked by CNBC’s Dan Murphy if he would eventually invest more in the United States, Sajwani replied: “Well, I mean, the sky is the limit, we can invest more, as much as the market takes, so the limitation is not on” .

He added, “we can initially use our financial resources, but later [in the] the second phase we can use [a] third-party money, if our platform can grow to the next level.”

Sajwani, the Emirati billionaire, founded Damac Properties in 2002. The company is part of Damac Group, a major presence in the Dubai real estate market that is known for its megaprojects, which include luxury skyscrapers, hotels and villas in Europe and the Middle East.

The company also expanded in the United States In 2022, Damac Properties won a $120 million bid to buy land in Miami’s Surfside district, where it plans to build a luxury oceanfront condominium .

This breaking news story has been updated.