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US: Trump Announces DAMAC Investment, Pledges To Reverse Biden Offshore Oil Ban

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US President-elect Donald Trump, speaking to the press for the first time since Congress certified his election win yesterday, has announced that Emirati firm DAMAC Properties will invest "at least USD$20 billion dollars over a very short period of time" to build "massive" new data centres in the Southwest and Sun Belt of the United States. 

  • Trump, speaking alongside DAMAC founder Hussain Sajwani, noted a campaign trail pledge to "move quickly through the environmental process" anyone who invests over USD$1 billion in the US.  
  • Trump also pledged to reverse a measure announced by President Biden this week that would indefinitely ban new offshore oil and gas production in large swathes of US coastal waters: "I will reverse it immediately, it will be done immediately and we will drill baby drill... and the energy costs are going to come way down."
  • It is unclear if Trump has the authority to reverse the ban, Axios noted on the measure: "The steps rely on a provision from a 72-year-old law and affect wildlife-rich areas in the northern Bering Sea; the eastern Pacific Ocean off the West Coast; the eastern Gulf of Mexico; and areas up and down the East Coast... Unlike executive orders that Trump could overturn with the stroke of a pen, Biden's actions rely on an open-ended provision in the 1953 Outer Continental Shelf Lands Act."
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US President-elect Donald Trump, speaking to the press for the first time since Congress certified his election win yesterday, has announced that Emirati firm DAMAC Properties will invest "at least USD$20 billion dollars over a very short period of time" to build "massive" new data centres in the Southwest and Sun Belt of the United States. 

  • Trump, speaking alongside DAMAC founder Hussain Sajwani, noted a campaign trail pledge to "move quickly through the environmental process" anyone who invests over USD$1 billion in the US.  
  • Trump also pledged to reverse a measure announced by President Biden this week that would indefinitely ban new offshore oil and gas production in large swathes of US coastal waters: "I will reverse it immediately, it will be done immediately and we will drill baby drill... and the energy costs are going to come way down."
  • It is unclear if Trump has the authority to reverse the ban, Axios noted on the measure: "The steps rely on a provision from a 72-year-old law and affect wildlife-rich areas in the northern Bering Sea; the eastern Pacific Ocean off the West Coast; the eastern Gulf of Mexico; and areas up and down the East Coast... Unlike executive orders that Trump could overturn with the stroke of a pen, Biden's actions rely on an open-ended provision in the 1953 Outer Continental Shelf Lands Act."