Billionaire Sajwani to Tap Banks for $20 Billion US Project

Dubai: So, Hussain Sajwani, the billionaire behind Damac Properties, is making some big moves. He recently announced plans to invest a whopping $20 billion in data centers across the US. He’s looking to partner with banks to help fund this massive project.

In a chat with Bloomberg, Sajwani mentioned that his company could cover about 30% of the costs. He’s got a solid balance sheet, but he’ll need to borrow a good chunk of the rest. He explained that in this kind of business, it’s common to borrow around 60% to 70% from banks or through bonds.

Damac has been doing well, raking in $2 billion in revenue last year. They’re not just sticking to real estate anymore; they’re diving into the tech world too. Sajwani has plans to invest around $3 billion in data centers in Southeast Asia, tapping into the growing demand for AI and cloud services.

He’s all about building the right infrastructure for high-end servers that store data and support AI services. Plus, he’s been investing in tech companies like SpaceX and OpenAI, with over $2 billion committed to private equity.

Sajwani is optimistic about the US market, saying it’s the right time to invest, especially with a government that’s more welcoming to foreign investments. He’s had a long-standing relationship with Trump, and they’ve even partnered on a luxury golf course in Dubai.

As he gears up for this new venture, Sajwani hopes to announce land acquisitions in the US soon. His company already has data centers in over 10 countries, mainly in Asia and Europe, but now he’s shifting focus to the US market.

It’s an exciting time for Sajwani and Damac, and it’ll be interesting to see how this all unfolds!