President Trump announced a $20 billion investment to build data centers across the United States. Emirati billionaire Hussain Sajwani, the CEO of DAMAC Properties, announced the investment alongside Trump at Mar-a-Lago. Trump said the company is pledging “at least” that amount. “They may go double, or even somewhat more than double, that amount of money,” Trump said. “For the last four years, we’ve been waiting for this moment,” Sajwani said. The data centers will support artificial intelligence and cloud services. WATCH: Hussain Sajwani announces a $20 billion investment in the United States alongside President Trump: "For the last four years, we've been waiting for this moment." pic.twitter.com/fa7bluwwI9 — Trump War Room (@TrumpWarRoom) January 7, 2025 Per CNBC: The “first phase” of the plan will take place in Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois, Michigan and Indiana, Trump said. Sajwani suggested that the Republican’s election spurred him to commit to the investment. “It’s been amazing news for me and my family when [Trump] was elected in November. We’ve been waiting four years to increase our investment in [the] U.S. to very large amounts of money,” the Dubai developer said in brief remarks at Mar-a-Lago. Sajwani’s pledge is the latest example of a foreign business leader promising to spend big in the U.S. as a result of Trump’s election victory over Democratic Vice President Kamala Harris. In December, Softbank CEO Masayoshi Son announced plans to invest $100 billion in the U.S. and create 100,000 jobs over the course of Trump’s four-year term. WATCH: JUST IN: Donald Trump announces a new $20 billion investment for new data centers throughout the United States. The first phase will be in states including Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois, Michigan, and Indiana. "I'm thrilled to announce today that DAMAC… pic.twitter.com/mN0ifsSo4o — Collin Rugg (@CollinRugg) January 7, 2025 Reuters reports: Trump introduced Hussain Sajwani, chairman of DAMAC Properties, as “one of the most respected business leaders in the Middle East, indeed the world.” Big technology companies have been racing over the past year to set up data centers essential for powering generative artificial intelligence applications such as OpenAI’s ChatGPT and Google Gemini, which require immense computing power. Microsoft said last week it would spend about $80 billion this fiscal year to ramp up its AI capacity. Overall, global spending on procurement and installation of mechanical and electrical systems for data centers is likely to exceed $250 billion by 2030, McKinsey estimates. WATCH: