When newly elected President Donald J. When Trump called on Hussein Sajwani at a lecture at Mar-a-Lago on Tuesday to pledge $20 billion in investment in the United States, it was a moment to rejoice for the Dubai developer. His company for over a decade, DAMAC propertieshas helped generate millions for the Trump Organization through partnerships in the Middle East.
Those relationships appear to have helped open up a broader opportunity for Mr. Sajwani as he expands his empire into the billion-dollar market of building data centers needed to meet the rapidly growing demands of cloud computing and artificial intelligence. Moving forward to provide diversity.
“We have been waiting for this moment for the last four years,” Mr Sajwani said on stage. “We are now very encouraged by his leadership and his open strategy and policy of encouraging businesses to come to the US”
The announcement deepens Mr Trump’s relationship with Mr Sajwani. But it also highlights what critics say is a conflict of interest as Mr. Trump holds on to his real estate business as he prepares for a second term in the White House.
What does DAMAC do?
DAMAC Properties is part of DAMAC Group, one of the largest developers in Dubai, a city in the United Arab Emirates known for palm tree-shaped islands and huge real estate projects like the Burj Khalifa. Tallest skyscraper.
Shri Sajwani, sometimes called Donald of DubaiHe established his company as a major player in the Middle East’s luxury real estate market with acquisitions and projects in the mid-1990s when Dubai began allowing foreigners to buy property there.
In 2002, he founded DAMAC Properties to build luxury towers on the Dubai coast, which quickly sold out. Mr Sajwani struck branding deals with Versace, Fendi and other fashion houses for his properties.
But the company also faced lawsuits in 2010, including a lawsuit from a German investor who claimed that some assets were not delivered on time. That suit was dismissed by a Dubai court. In 2011, DAMAC settle down There are three disputes with Egypt over investments there, in one of which a Cairo court sentenced Mr. Sajwani to prison in his absence.
On its website the company promotes luxury villas, apartments and hotels from Saudi Arabia to London. During his remarks at Mar-a-Lago on Tuesday, Mr. Sajwani said DAMAC has delivered 47,000 homes and has 33,000 more in the pipeline.
DAMAC said in a News release On Tuesday it was reported that it is also planning a condo project in Miami worth an estimated $1 billion, and that it “continues to seek strategic real estate opportunities in the US”.
What is DAMAC’s connection to Mr. Trump?
In 2013, Mr. Sajwani teamed up with the Trump family to build the first Trump-branded golf course in the Middle East. Mr. Trump agreed to manage a golf course as part of the DAMAC development.
Under the deals, the Trump Organization licensed the Trump name to DAMAC, which paid Mr. Trump $2 million to $10 million even before the golf course was built, according to financial disclosure form Filed in May 2016. In 2017, Mr. Trump earned $141,433 in management fees from deals, according to his financial disclosures for that year.
Trump International Golf Club Opened in 2017 during Mr. Trump’s first term, and is the centerpiece of DAMAC Hills, a gated complex of luxury homes selling for up to $4 million each.
A second Trump-affiliated golf course that DAMAC intended to build inside a resort has been delayed. The project came under scrutiny in 2018 when DAMAC chose a company controlled by the Chinese government to build a part of it.
Mr Trump’s sons, Donald Jr and Eric, attended Marriage of Mr. Sajwani’s daughter in 2018, and during Mr. Trump’s first term, Mr. Sajwani was a familiar face at Mar-a-Lago. Last week, he attended New Year’s Eve celebrations, posting a picture Own ex next to Mr. Trump and Elon Musk.
Why is DAMAC investing in US data centers?
If Mr. Trump profited greatly from his deal with DAMAC, Mr. Sajwani will benefit from his years of investment in the president-elect.
In 2021, Mr. Sajwani set up a digital unit, Agenex Data CenterSubsidiary of DAMAC to meet the growing global demand for data centers.
Agenex has sought to expand rapidly in the Middle East, Asia and Europe, and has operations in 10 countries, including Saudi Arabia, as it focuses on becoming a major player in AI.
North America had been a blank spot in Agenex’s portfolio — until Mr. Trump’s announcement that Mr. Sajwani would inject “at least” $20 billion into the United States.
Agenex said it will develop data centers in eight states, including Texas and Indiana, and aims to build data processing capacity that can eclipse projects built by Microsoft and Amazon.
Mr. Trump said he would use the powers of the government to conduct a “rapid review” of any federal environmental questions facing DAMAC once he takes office, which Mr. Trump said would benefit a $1 billion investment in the United States. Will be given to any company planning to do so. State.