US President-elect Donald Trump today announced a new $20 billion investment to build data centers across the country.

The money will come from billionaire Hussain Shajwani, the chairman of property developer DAMAC Properties based in Dubai, United Arab Emirates.

At a press conference held at his home in Palm Beach, Florida, Trump described Shajuani as “one of the most respected businessmen in the Middle East and the world.”

Big tech companies have been competing for a year to build data centers that are essential for running artificial intelligence applications such as OpenAI, ChatGPT and Google Gemini, as they require massive computing power. Last week, Microsoft announced that it would spend about $80 billion on dollars within the current fiscal year to strengthen its AI capabilities.

In total, global spending on the purchase and installation of mechanical and electrical systems for data centers is likely to exceed $250 billion. dollars by 2030, according to estimates by the consulting firm McKinsey.

Trump also reiterated that he would “immediately” reverse the oil and gas drilling ban announced yesterday by Democratic President Joe Biden. The ban covers the US Atlantic and Pacific coasts, as well as the eastern Gulf of Mexico and off Alaska, a sea area that covers a total of more than 2.5 million square kilometers.