UAE company Damac Properties has made a $20 billion investment in the US to build data centres, president-elect Donald Trump announced on Tuesday. Hussain Sajwani, founder and chairman of the Dubai-based real estate developer, said it could increase its investment under the right market conditions.
“We’ve been waiting four years to increase our investments in the US to a very large amount of money,” Mr Sajwani said alongside Mr Trump in Palm Beach, Florida. He said the investment would go towards data centres that cater to artificial intelligence and cloud businesses.
Mr Trump said the first phase of the project will be carried out in Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois, Michigan and Indiana. “The investment will support massive new data centres across the Midwest, the Sun Belt area, and also to keep America on the cutting edge of technology,” he said.
The US investment follows similar investments the group has recently made in Thailand and Saudi Arabia.
“[Mr Sajwani] has done sterling work in helping promote the US-UAE business and trade relationship and this new deal underscores his interest in advancing his work … particularly in these data centres,” Danny Sebright, president of the US-UAE Business Council in Washington, told The National.
In February, Damac’s digital unit Edgnex Data Centres linked up with British telecoms operator Vodafone to invest $100 million in a project in Turkey. The data centre, which will be built in Turkey's third most populous city of Izmir, will have a capacity of six megawatts and is expected to be completed by 2025,
Demand for data centre infrastructure grew during the coronavirus pandemic as companies moved their business to the cloud in response to the disruption caused by Covid-19.
Last year, Damac launched about 12,000 new home units and plans to introduce a similar number this year. In December, the company launched Damac Islands development at Dubailand and sold more than 3,000 units in less than 10 hours, with sales totalling Dh10 billion ($2.72 billion), according to the company.
Tuesday's announcement is the latest major foreign investment into the US after Mr Trump won the 2024 presidential election.
SoftBank chief executive Masayoshi Son last month announced the Japanese company would invest $100 billion in US projects over the next four years.
Mr Trump has said both investments were made because businesses approved of his election win.
“He was very inspired by the election. They wouldn't do it without that election. I can tell you a lot of people wouldn't,” the president-elect said of Mr Sajwani.
Trump Organisation ties
The Emirati businessman has a close relationship with Mr Trump. A Trump-branded golf club in Dubai under Damac was also opened before Mr Trump left office in 2017. It is the Middle East's only Trump-branded golf course.
“He is a well-respected business partner of Mr Trump,” Mr Sebright said. Now, the company is again open to work with the Trump Organisation on new projects.
“If the right opportunity presents itself, we are more than happy to work with our all trusted partners, whether it is the Trump Organisation or any other partner,” Ali Sajwani, managing director of Damac Properties, told The National in December.
The Trump Organisation, owned by the president-elect, is also teaming up with London listed Dar Global to develop projects in Oman, Dubai and Saudi Arabia.
Eric Trump, one of Mr Trump's sons and the organisation's executive vice president, said the company is also hoping to further expand into the region with new projects.
Founded in 2002, Damac Properties was listed on the Dubai Financial Market in January 2015. However, in March 2022, the company was delisted and converted back into a private entity.
6.30pm: Al Maktoum Challenge Round-3 Group 1 (PA) | US$95,000 | (Dirt) 2,000m
7.05pm: Meydan Classic Listed (TB) ) | $175,000) | (Turf) 1,600m
7.40pm: Handicap (TB) ) | $135,000 ) | (D) 1,600m
8.15pm: Nad Al Sheba Trophy Group 3 (TB) ) | $300,000) | (T) 2,810m
8.50pm: Curlin Handicap Listed (TB)) | $160,000) | (D) 2,000m
9.25pm: Handicap (TB)) | $175,000) | (T) 1,400m
10pm: Handicap (TB) ) | $135,000 ) | (T) 2,000m
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs: 2018 Infiniti QX80
Price: base / as tested: Dh335,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 400hp @ 5,800rpm
Torque: 560Nm @ 4,000rpm
Fuel economy, combined: 12.1L / 100km
Getting%20there%20and%20where%20to%20stay
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton
Stuck in a job without a pay rise? Here's what to do
Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”
MATCH INFO
South Africa 66 (Tries: De Allende, Nkosi, Reinach (3), Gelant, Steyn, Brits, Willemse; Cons: Jantjies 8)
Canada 7 (Tries: Heaton; Cons: Nelson)
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Company%20profile
%3Cp%3EDate%20started%3A%20January%202022%3Cbr%3EFounders%3A%20Omar%20Abu%20Innab%2C%20Silvia%20Eldawi%2C%20Walid%20Shihabi%3Cbr%3EBased%3A%20Dubai%3Cbr%3ESector%3A%20PropTech%20%2F%20investment%3Cbr%3EEmployees%3A%2040%3Cbr%3EStage%3A%20Seed%3Cbr%3EInvestors%3A%20Multiple%3C%2Fp%3E%0A
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
The five stages of early child’s play
From Dubai-based clinical psychologist Daniella Salazar:
1. Solitary Play: This is where Infants and toddlers start to play on their own without seeming to notice the people around them. This is the beginning of play.
2. Onlooker play: This occurs where the toddler enjoys watching other people play. There doesn’t necessarily need to be any effort to begin play. They are learning how to imitate behaviours from others. This type of play may also appear in children who are more shy and introverted.
3. Parallel Play: This generally starts when children begin playing side-by-side without any interaction. Even though they aren’t physically interacting they are paying attention to each other. This is the beginning of the desire to be with other children.
4. Associative Play: At around age four or five, children become more interested in each other than in toys and begin to interact more. In this stage children start asking questions and talking about the different activities they are engaging in. They realise they have similar goals in play such as building a tower or playing with cars.
5. Social Play: In this stage children are starting to socialise more. They begin to share ideas and follow certain rules in a game. They slowly learn the definition of teamwork. They get to engage in basic social skills and interests begin to lead social interactions.
MATCH INFO
Norwich 0
Watford 2 (Deulofeu 2', Gray 52')
Red card: Christian Kabasele (WatforD)
