Trump-Damac Dealing: What's behind it and what's next?

Two weeks before returning to office, US president-elect Donald Trump has his eyes on the Middle East — and business interests that are storied to him, but new to the White House. The latest one stars one of the biggest business names in the UAE: Damac properties. Emirati businessman Hussain Sajwani founded Damac in 2002. It’s now one of the leading real estate developers in the region. Damac reported $2.4 billion in revenue in 2023 and was expected to nearly double it in 2024. In 2021, it launched its Edgnex brand, focusing on digital infrastructure through assets like data centres with operations in 10 countries. Now, it’s moving stateside. The $20 billion investment announced at Mar A Lago last week will mean the delivery of data centres - buildings used to house all kinds of computer systems - in phases. Damac and Mr Trump said the first phase will focus on eight US states in the Sunbelt and Midwest regions — places including Arizona and Illinois. The projects promise to make leaps for data use in the realms of technology, finance, healthcare and retail, to create what Damac called a “ripple effect” that attracts more businesses to data centre hubs. This latest investment deepens ties that the two established nearly a decade ago. It is a testament to what has come to be a characteristic trait of a Trump presidency — a mesh between his personal business interests and national dealings through his role in the White House. But what does this move mean for Middle East investors? And for sectors like technology, space and electric vehicles? On this episode of Business Extra with host and Business Editor Salim Essaid, hear from our own business reporter Fareed Rahman — and an analyst specialising in Middle East and global geopolitics, Ryan Bohl, on what to know - and expect - just days ahead of Trump's inauguration.