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DAMAC Secures $12bn US AI Sites; OpenAI Seeks $50bn Gulf Backing; Kushner Unveils Gaza Redevelopment Plan in Davos
Friday, January 23, 2026
Happy Friday everyone!
From Davos, Dubai-based DAMAC said it has secured $12 billion in US land and power capacity toward a $20 billion AI data-centre push, with founder Hussain Sajwani citing about 1 GW of sites. In parallel, OpenAI CEO Sam Altman is courting Abu Dhabi state funds for a $50 billion round that could value the company at $750–$830 billion, Bloomberg reports, alongside talks with Amazon for $10 billion. Also in Davos, Jared Kushner presented a zoned redevelopment plan for Gaza, as Donald Trump described the enclave as a potential “resort-like” property.
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DAMAC’s Founder Just Locked in $12bn of US AI Data Centre Capacity
What’s it About?
Dubai-based developer DAMAC has secured US land and power capacity worth $12 billion for artificial intelligence data centres, putting it more than halfway toward its planned $20 billion expansion in America. Speaking at the World Economic Forum in Davos, founder Hussain Sajwani said, “We have today about 1GW of land, which, if you translate into total investment, would be about $12 billion,” adding it will take “two to four years” to reach the full target. The investment, made through DAMAC’s digital arm Edgnex, was first announced in early 2025 alongside US President Donald Trump.
Why it Matters?
AI data centres are now constrained not by capital, but by electricity and land. Locking in one gigawatt of power-ready sites gives DAMAC a serious advantage in a market where Big Tech, cloud providers, and AI labs are scrambling for capacity. Trump called Sajwani’s commitment “an honour”, saying it would help keep the US “on the cutting edge of technology and artificial intelligence.” DAMAC’s early site acquisitions in Ohio and New Jersey, with Texas under review, place it at the heart of America’s fast-growing AI infrastructure race.
What’s Next?
Execution is now the key risk. Analysts will watch how quickly DAMAC turns land into operating data centres, especially as power grids tighten and competition from hyperscalers intensifies. Sajwani’s high-profile Davos meetings, including an “insightful lunch” with Bill Gates, signal ambition beyond real estate, positioning DAMAC as a long-term player in the global AI economy.
Additional read: NBA Tries to Lure Middle East Sovereign Wealth Into New European League
Markets
EGX 30 | 46,462.32 | 0.90% |
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ADX | 10,304.92 | 0.97% |
Tadawul | 11,133.58 | 1.69% |
Altman Heads to the Gulf for a Potential $50bn OpenAI Mega-Round
What’s it About?
OpenAI CEO Sam Altman has been meeting with leading Middle East sovereign investors as he lines up a new fundraising round that could reach $50 billion or more, according to Bloomberg. The deal would value OpenAI at roughly $750 billion to $830 billion, up from about $500 billion last fall. Bloomberg reports Altman has spoken with state-backed funds in Abu Dhabi, while OpenAI has also held talks with Amazon about a separate $10 billion investment. OpenAI declined to comment.
Why it Matters?
This would be one of the largest private capital raises in history, reflecting how capital-hungry the AI race has become. OpenAI has committed to spending more than $1.4 trillion on chips, data centers and computing power, underscoring how control over infrastructure is now as important as software. Gulf investors are emerging as critical financiers of this build-out, with Abu Dhabi’s MGX already backing OpenAI and G42 partnering on a massive UAE data-centre project.
What’s Next?
The talks are still early, and the size and valuation could shift. Analysts will watch whether OpenAI secures a cornerstone Gulf investor, especially as rivals like Anthropic, now seeking funding at a $350 billion valuation, and xAI also court Middle Eastern capital.
Kushner’s Gaza ‘Master Plan’ Draws Backlash in Davos
What’s it About?
Jared Kushner, Trump's son-in-law and former senior advisor, presented his Gaza master plan in Davos, showing a slide deck on real estate development by zones. He boasted no "plan B," claiming Middle East cities build in "two or three years." Trump called Gaza a "beautiful piece of property" for a potential "resort-like city," even amid Israel's military action killing around 70,000.
Why it Matters?
This tone-deaf pitch glosses over the Israeli genocide, framing devastation, 60 million tons of rubble, and tens of thousands dead as a business opportunity. Despite generous funding from Middle East backers for his venture fund Affinity Partners, Kushner continues to promote this insensitive vision. It risks alienating those investors and destabilizing regional investments and US ties.
What’s Next?
Analysts foresee backlash, possible fund withdrawals from Arab partners. Watch the next 100 days for aid progress, but failure could escalate tensions. Trump's location-driven push might face boycotts, pressuring US policy amid ongoing criticisms.
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🔍In other news…
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🗓️ Plan Your Events (Jan-Feb 2026)
UAE
21-27 January: Emirates Airline Festival of Literature, Dubai.
21-24 January: Acres Real Estate Exhibition, Expo Center, Sharjah.
26-30 January: Gulfood 2026, Dubai
31 January-February 1: Sharjah Entrepreneurship Festival (Media Partners)
3-5 February: The World Governments Summit, Dubai.
9-12 February: World Health Expo (WHX), Dubai.
11-12 February: STEP Dubai Conference, Dubai Internet City. (Media Partners)
Saudi Arabia
28-30 January: Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.
2-4 February: Saudi Media Forum, Riyadh.
2-4 February: Women Leaders Summit and Awards KSA, Riyadh.
8-12 February: World Defense Show, Riyadh International Convention and Exhibition Center, Riyadh.
Egypt
5-7 February: RiseUp Summit, Cairo. (Media Partners)
11-12 February: Ai Everything Egypt (Organized by GITEX Global), Cairo. (Media Partners)
Qatar
1-4 February: Web Summit Qatar, Doha. (Media Partners)
2-5 February: 21st International Conference & Exhibition on Liquefied Natural Gas (LNG2026)
