Damac’s Sajwani calling banks to keep $20B promise to Trump

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.”

Dubai’s Damac pours $3 billion into Southeast Asia data centers

Dubai developer Hussain Sajwani sees AI gold in Southeast Asia.

The Emirati billionaire’s Damac Group plans to invest about $3 billion through its Edgenex subsidiary to build data centers across Malaysia, Indonesia and Thailand over the next three to five years, Bloomberg reports.

Damac, which focuses primarily on Dubai real estate, has been diversifying into a variety of industries from tech to fashion.

Edgenex, which already operates two data centers in Saudi Arabia, plans to build the digital infrastructure in its new Asian facilities that can house the high-end servers essential for providing artificial intelligence services.