President-elect Trump said Tuesday that billionaire Hussain Sajwani, chairman of Dubai-based developer Damac Properties, is investing at least $20 billion in the U.S. to support new data centers. Why it matters: Sajwani's investment comes as Big Tech's data center spending explodes.

Over half of the investment is reserved for infrastructure. Microsoft President Brad Smith frames AI investment as key to economic growth.

The planned spending represents a 44% increase from last year, and more than half of it is expected to come in the U.S.

President-elect Donald Trump announced a $20 billion investment from Hussain Sajwani, the chairman of an Emirati property company that developed a golf course managed by the Trump Organization. CNBC first reported that Sajwani was expected to invest $20 billion to build data centers in the U.

U.S. President-elect Donald Trump on Tuesday announced a $20 billion new investment to build data centers across the United States. At a news conference at his home in Palm Beach, Florida, Trump said the investor is Emirati billionaire Hussain Sajwani,

President-elect Trump held a press conference at Mar-a-Lago on Tuesday, one day after Vice President Kamala Harris certified his election victory.

The first phase of the multi-year investment will fund data centers in Arizona, Illinois, Indiana, Louisiana, Michigan, Ohio, Oklahoma, and Texas, Trump said during a press conference at his Mar-a-Lago home on Tuesday.