President-elect Donald Trump announced on Tuesday morning a $20 billion foreign investment to build new data centers in the United States.
Billionaire Hussain Sajwani, a Trump associate and founder of the property development company DAMAC Properties, is pledging the money.
Trump was joined by Sajwani at this Mar-a-Lago estate in Palm Beach, Florida, where the duo made the announcement and spoke about the positive impact it will have on the nation.
“I’m thrilled to announce today that DAMAC will be investing at least $20,000,000,000 over a very short period of time into the United States, and they may go double or even somewhat more than double that amount of money,” Trump declared.
“He was very inspired by the election,” Trump said, joking that Sajwani may double that investment.
“It’s been amazing news for me and my family when he was elected…We have been waiting four years to increase our investments in the U.S.” Sajwani said.
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Trump also weaved the conversation into President Joe Biden’s executive order that bans new oil and gas drilling in some federal waters as the latest last-minute effort to stop Trump’s pro-oil plans.
Two weeks before Trump was scheduled to take office, the order was made at the last minute. It was also made on the same day that Congress was supposed to confirm the results of the 2024 election for president.
Monday, President Joe Biden said that he was using his power under the Outer Continental Shelf Lands Act, which is a law from 1953 that controls projects for oil and gas drilling in the ocean.
One part of the law lets the president forever block future leasing and drilling in federal waters. No language in it says if future leaders can take away these protections.
Biden’s order stops all new fishing off the East Coast as well as the coasts of California, Oregon, and Washington State.
“They took away 620 million acres of offshore drilling. Nobody else does that. We’ll put it back on Day One. I’ll have it revoked on Day One. Immediately. We’ll go to the courts [if needed],” Trump declared.
“[Biden said] he wants the transition to be smooth. Well, you don’t do [this],” he added.
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Last month, Trump announced a $100 billion investment in the United States by SoftBank.
Speaking from Mar-a-Lago, the 47th president spoke alongside SoftBank Group CEO Masayoshi Son, where they announced SoftBank’s plans to invest $100 billion in the United States over the next four years.
Masayoshi Son said his “confidence level” in the US economy has “tremendously increased with [Trump’s] victory,” adding, “Because of that – I am committing $100 billion and 100,000 jobs into the United States. This is double of last time… because President Trump is a double-down president.”
Trump said the investment was evidence of “monumental confidence in America’s future.” He playfully encouraged Son to invest $200 billion. Son chuckled and said that he would try.
Trump called Son “one of the most accomplished business leaders of our time.”
“The $100 billion pledge, made at a flag-bedecked event at Trump’s Mar-a-Lago club in Palm Beach, Florida, fits in with Trump’s vow to bolster the U.S. economy and reduce the impact of inflation on Americans during his second term, which begins on Jan. 20,” Reuters
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