Dubai Billionaire Sajwani to Leverage Banks for $20 Billion US Data Center Investment
Dubai property magnate Hussain Sajwani, who recently pledged a $20 billion investment in US data centers alongside President-elect Donald Trump, revealed that he intends to rely heavily on banks and other financial institutions to fund the project, Bloomberg reports.
Sajwani, chairman of Damac Group, stated that his company’s balance sheet would only cover some 30% of the total investment.
“This is an asset-based business. With infrastructure, normally you borrow 60% to 70% from the banks or financial institutions, or bonds, leverage,” he explained. “Damac Properties will be able to put the equity, which will be in the range of the other 30%, which will be around $5-$6 billion.”
Sajwani also confirmed that he does not anticipate any government funding for the project at this time.
Sajwani, 71, has a long-standing business relationship with Trump, having previously partnered on luxury golf courses in Dubai. Damac has been a significant beneficiary of Dubai’s property boom, and Sajwani’s personal wealth has ballooned to around $13 billion, according to the Bloomberg Billionaires Index.
The announcement comes as business leaders around the world seek to strengthen their connections with Trump as he prepares for his return to the White House. The proposed data centers are slated to be built across multiple states, stretching from Arizona to Ohio. Sajwani said that he anticipates announcing some land acquisitions for the project within the US later this year.
