Damac’s Sajwani calling banks to keep $20B promise to Trump
Dubai real estate billionaire says Damac can put up $5-$6 billion and the rest will have to come from banks and other financial institutions
Damac CEO Hussain Sajwani with U.S. President-elect Donald Trump at Mar-a-Lago (Getty Images)
After pledging $20 billion to build data centers in the U.S. while sharing the Mar-a-Lago podium with President-elect Donald Trump, Damac Group CEO Hussain Sajwani needs to deliver.
In a television interview with Bloomberg today, the billionaire property developer said that level of investment will require close involvement with banks and other financial institutions.
“This is an asset-based business. With infrastructure, normally you borrow 60% to 70% from the banks or financial institutions, or bonds – leverage,” he said.
“Damac Properties will be able to put the equity, which will be in the range of the other 30%, which will be around $5 to $6 billion.”