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PALM BEACH, Florida, Jan 7 (Reuters) - 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,

chairman of DAMAC properties.

Trump introduced Hussain Sajwani, chairman of DAMAC

Properties, as "one of the most respected business leaders in

the Middle East, indeed the world."

Big technology companies have been racing over the past year

to set up data centers essential for powering generative

artificial intelligence applications such as OpenAI's ChatGPT

and Google Gemini, which require immense computing power.

Microsoft ( MSFT ) said last week it would spend about $80

billion this fiscal year to ramp up its AI capacity.

Overall, global spending on procurement and installation of

mechanical and electrical systems for data centers is likely to

exceed $250 billion by 2030, McKinsey estimates.