Corporations and developers aren’t waiting for President-elect Donald Trump’s inauguration before pledging billions of dollars to help rebuild America’s economy. On Tuesday, Trump announced that DAMAC Properties, an Emirati property development company, will invest $20 billion to build data centers in eight states, including Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois, Michigan, and Indiana.
“They may go double or even more than double that amount of money,” Trump said during a press conference at his Mar-a-Lago residence. “It’s a very great thing,” he continued, adding he believes billionaire CEO Hussain Sajwani is making the commitment “because of the fact that he was inspired by the election. He wouldn’t do it without the election, I can tell you a lot of people wouldn’t.”
The DAMAC commitment marks President-elect Trump’s second major economic achievement since the election. Last month, he joined Softbank CEO Masayoshi Son to announce the Japanese company’s $100 billion commitment to create 100,000 new jobs focused on artificial intelligence and related infrastructure. The funding will come from Softbank or its subsidiaries, including the Vision Fund and chipmaker Arm Holdings, in which Softbank is the majority owner. The billionaire entrepreneur plans to complete all investments by the end of Trump’s second term.
“We have many other people, and we’ll bring some of them out,” Trump continued as he teased the possibility of more big economic news. “Some of them like to do it somewhat more quietly, some don’t, and some feel so strongly about the country that they want to let people know about it. But it’s an honor… the investment will support massive new data centers across the Midwest, the Sun Belt area, and keep America on the cutting edge of technology and artificial intelligences.”
WATCH:
? President Trump announces a $20 billion investment from Emirati company DAMAC Properties to build data centers in eight states including Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois, Michigan, and Indiana. pic.twitter.com/DwpKsgmIOQ
— Greg Price (@greg_price11) January 7, 2025
With a relatively low unemployment rate and a now-growing stock market, President-elect Trump is poised to tackle a trifecta of economic challenges as he prepares to take office, even as inflation continues to sap paychecks after four years of the Biden-Harris administration. While both Democrats and Republicans expressed concerns about the economy in December, according to the AP, many remain hopeful that Trump’s return to office will help ease the high prices that have persisted over the past three years. Some voters, however, remain skeptical about whether tariffs will be the solution to reducing the cost of living.
