President-elect Donald Trump announced a $20 billion investment for data centers in the United States by an Emirati company led by billionaire Hussain Sajwani, a close business partner of the Trump family. The investment by DAMAC Properties in the United Arab Emirates is intended to highlight Trump’s personal ability to attract new money for big projects.
The announcement follows a pledge made last month by the Japanese billionaire investor Masayoshi Son, while at Trump’s side, to invest $100 billion in the United States. Trump said at a news conference that he believed Sajwani made the commitment because “he was very inspired by the election and wouldn’t do it without the election.” The president-elect emphasized his plans to get investments of $1 billion or more through the environmental regulatory review process quickly. Following Trump, Sajwani briefly joined the news conference and said: “It’s been amazing news for me and my family when he was elected in November.” Sajwani’s promised investment feeds into an existing boom for constructing data centers used in the development of artificial intelligence and expansion of cryptocurrency, as well as in other elements of an increasingly digital economy that relies on having greater sources of computer processing power. While Trump has sought to portray these announcements as a source of newfound energy in the U.S. economy, the $20 billion commitment is also a sign that wealthy investors close to Trump can profit off that relationship, given the already significant investment in new data centers. In October, the financial company Blackstone estimated that the U.S. would see $1 trillion invested in data centers over five years, with another $1 trillion being committed internationally. The commitment made by Sajwani could represent just 2% of the total expected domestic investment in the sector
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: globeandmail - 🏆 5. / 92 Read more »