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

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

Author: The National News January 15, 2025 Duration: 16:59
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.

Tune into Business Extra for a clear-eyed look at the forces shaping commerce in the Middle East and beyond. Produced by The National News, this podcast moves past the headlines to deliver substantive conversations with the analysts, executives, and innovators driving change. Each episode leans on the deep regional expertise of our editors and reporters, who translate complex developments in markets, energy, and technology into accessible insights. You’ll hear grounded discussions that connect local trends to global patterns, offering a necessary perspective on one of the planet's most dynamic economic landscapes. Whether it's a shift in oil policy, a tech startup's rise, or a new trade agreement, this series provides the context often missing from daily news cycles. For anyone with a stake in understanding how business really works in this pivotal region, Business Extra is an essential listen, blending authoritative journalism with genuine curiosity. The result is a consistently informative podcast that feels less like a briefing and more like a series of insightful conversations with people who have their finger on the pulse.
Author: Language: English Episodes: 100

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