Emirati billionaire to take a position $20 billion in US knowledge facilities, Trump says

PALM BEACH, Florida (Reuters) – Emirati billionaire Hussain Sajwani promised a $20 billion funding within the booming U.S. knowledge heart business within the coming years, he and U.S. President-elect Donald Trump introduced on Tuesday at Trump’s residence in Palm Seashore, Florida.

With an election victory largely pushed by voters’ financial issues, Trump has doubled down on bolstering investments in home industries and proposed larger tariffs on Chinese language items because the U.S. tries to curb China’s entry to the chips wanted for superior knowledge facilities.

“We’re planning to take a position $20 billion and much more than that, if the chance out there permits us,” mentioned Sajwani, chairman of Dubai developer DAMAC, at Trump’s Mar-a-Lago residence.

DAMAC owns the Center East’s solely Trump-branded golf course in Dubai, which opened in 2017, and the billionaire celebrated the New Yr with Trump in Florida.

Trump has an affinity for bulletins promising financial development, although such investments don’t at all times pan out. Early in his first time period, he introduced a $10 billion Foxconn (SS:601138) funding in a Wisconsin manufacturing unit that promised 1000’s of jobs however was principally deserted.

Final month Trump and SoftBank (TYO:9984) Group CEO Masayoshi Son introduced the Japanese tech investor would make investments $100 billion within the U.S. over the following 4 years, centered round AI.

The introduction of OpenAI’s GenAI chatbot ChatGPT in late 2022 kicked off a wave of funding in generative AI know-how and the expensive infrastructure required to assist it, together with energy era and transmission.

Microsoft (NASDAQ:MSFT) mentioned final week it could spend about $80 billion this fiscal yr to ramp up its AI capability.

Restrictions on the export of coveted AI chips utilized in superior knowledge facilities to China have tightened underneath the Biden administration, and Trump has nominated China hard-liners to key diplomatic and financial roles in his administration.