Dubai property developer Damac will invest at least $20bn in US data centres, focusing on artificial intelligence and cloud computing facilities, chairman Hussain Sajwani announced during a press conference with US President-elect Donald Trump in Florida.

The investment will target facilities across the Midwest and Sunbelt regions, with potential for further expansion "if the market allows," Sajwani said at Trump's Mar-a-Lago resort January 7.

"We've been waiting four years to increase our investments in the US to a very large amount of money," Sajwani said during a press conference alongside Trump.

Trump welcomed the development, saying it would help "keep America on the cutting edge of technology and artificial intelligence."

He said the growing importance of AI in data centre operations, describing it as "a very hot item in the coming years."

"It's an honour to have such a great investor investing in our country," Trump added, highlighting the strategic nature of the investment in America's technological infrastructure.

The move marks a significant expansion into the US market for Damac, traditionally known for luxury real estate development in Dubai.

The investment comes amid growing global demand for data centre capacity driven by AI and cloud computing requirements.

The future Trump administration is pushing AI investment in the country from both local companies and foreign investors which he said would be “expedited” if they invested over $1bn.

DAMAC is renowned for its luxury developments and collaborations with high-profile brands and individuals across the Gulf region.

Most notably, the company partnered with the Trump Organization to develop the Trump International Golf Club Dubai, which opened in February 2017.

DAMAC has expanded its footprint internationally, including developments in the United Kingdom. The company has also ventured into the hospitality sector with its DAMAC Maison Hotels & Resorts division.