By Sarthak Agarwal | Yahoo Finance
UAE-based digital infrastructure company Edgnex, part of the Damac Group, a UAE-headquartered property development company, has announced plans to invest $20bn in the US data centre industry.
US President-elect Donald Trump and Damac Group’s founder Hussain Sajwani announced the plans at a press conference in Palm Beach, Florida. The scene mirrored a $100bn pledge by Softbank’s CEO Mayashi Son alongside Trump in December at his Mar a Lago resort.
Sajwani and his family have done business with Trump in the past. DAMAC Properties developed Trump International Golf Club before his first term in 2016. At the press conference, Trump said Sajwani decided to invest because “was very inspired by the election and wouldn’t do it without the election.”
Edgnex will initially invest $20bn with plans to potentially double that amount contingent upon future demand, market opportunities, and scalability.
“We’re seeing increased interest from private equity and institutional investors in the data center infrastructure development given the more steady returns from long-term tenants.” – Shruti Gurudanti, Rose Law Group Corporate transactions Director
