Trump announces $20B DAMAC deal, says rates are 'too high'

Tue, Jan 7, 2025, 11:39 AM

President-elect Donald Trump announced at a press conference on Tuesday that Dubai-based developer DAMAC Properties is investing $20 billion in the US to build data centers. The announcement comes just weeks before Trump's inauguration to return to the White House.

At the press conference, Trump also commented on the state of the US economy: "Inflation is continuing to rage, and interest rates are far too high."

Brad Smith outlines the news as the story breaks.

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This post was written by Naomi Buchanan.