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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. The Dubai property group

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Speaker 1: DAMAK will be investing twenty billion dollars in new US

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Speaker 1: data centers. The President's elect unveiled the deal alongside DAMAK

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Speaker 1: founder an Cha Hussein Sejuani from mar Lago.

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Speaker 2: The first phase of the project will be in Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois,

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Speaker 2: Michigan and Indiana. Those places, and who's saying, I'd love

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Speaker 2: you to come up and say a few words. Thank

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Speaker 2: you very much, thank you, thank.

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Speaker 3: You, thank you, miss our president. It's been amazing news

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Speaker 3: for me and my family when he was elected in November.

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Speaker 1: Sejjuani, mar a Lago earlier on this week. Now back

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Speaker 1: in Dubai and joining us from there, Good morning, Thank

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Speaker 1: you very much, indeed for your time. Let's talk about

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Speaker 1: the deal that was announced earlier on this week. A

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Speaker 1: lot of details obviously still need to be ironed out.

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Speaker 1: I suspect, but when are we going to see ground

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Speaker 1: being broken? When are these data centers gonna be built?

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Speaker 3: As you appreciate, the announcement is only last less than

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Speaker 3: forty eight hours, where me and my team are working

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Speaker 3: very hard. We had already some discussions with a number

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Speaker 3: of land owners in different parts of the States. The

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Speaker 3: team is working and we hope sometime this year we'll

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Speaker 3: be announcing some oppositions of lands and then of course

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Speaker 3: we'll follow that design and construction. So there is a

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Speaker 3: lot of work that we have to do to invest

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Speaker 3: the twenty billion dollar.

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Speaker 1: Twenty billion dollars, that's a substantial amount of money. How

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Speaker 1: are you funding this deal? Can you provide specific details

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Speaker 1: on where that twenty billion is coming from?

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Speaker 4: As you appreciate, this is an acid base business infrastructure.

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Speaker 4: Normally sixty to seventy percent you borrow from the banks

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Speaker 4: or promise financial institutions or bonds leverage. Dem at Property

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Speaker 4: will be able to put the equity which will be

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Speaker 4: in the range of the other thirty percent, which will

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Speaker 4: be a bound five to six billion dollar. Demat Property

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Speaker 4: is balanceship today is capable of producing that money in

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Speaker 4: the coming four years for its own resources.

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Speaker 3: Having said that, if the opportunity increases and we get

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Speaker 3: more opportunity, will be more than happy to bring their

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Speaker 3: party partners with us.

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Speaker 5: Who's saying it's creedy in London when you talk about

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Speaker 5: those third party partners who are you talking about specifically?

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Speaker 5: Are there banks, for example, that you have in mind.

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Speaker 3: Were already talking first our first line is to talk

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Speaker 3: to partners in US who will bring added value. If

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Speaker 3: they are in the construction business, they are in the

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Speaker 3: land business, they're in the power business. So first we're

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Speaker 3: looking at added value partner not just to bring money,

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Speaker 3: but to bring to help us to execute in this business.

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Speaker 3: That will be the first choice.

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Speaker 5: So who's saying part of this announcement with certain states

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Speaker 5: that your investments are targeting lights of Michigan, Illinois among

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Speaker 5: others Texas for example, are there specific players within those

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Speaker 5: states that might help you get to those investment plans?

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Speaker 3: Indeed, indeed, I mean we are open to all the

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Speaker 3: options to execute the business plan from partners who are

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Speaker 3: in their business or who will help grow their business.

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Speaker 5: When it comes to those kind of partnerships, though, is

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Speaker 5: state funding something that we're talking about. We know that

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Speaker 5: Donald Trump, for example, has already asked you to double

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Speaker 5: the investment, not just keep it at twenty billion, and

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Speaker 5: go further. If you're talking about further investment in the

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Speaker 5: United States, how much further do you have a number

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Speaker 5: on that.

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Speaker 3: I don't have a number on that. But as you know,

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Speaker 3: it's a market and it's an opportunity today with AI

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Speaker 3: data centers. Appreciate the business data center is growing in

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Speaker 3: more than double digit and there is a huge growth there.

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Speaker 3: So if we find the right opportunity, the right partners,

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Speaker 3: I think we have the capability to take their business

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Speaker 3: further beyond the twenty.

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Speaker 6: Billion for saying good morning, it's Lizzie here in London

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Speaker 6: as well. I know that the UKAE has gone big

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Speaker 6: on AI investments over the past couple of years. Will

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Speaker 6: the government be helping in any way or backing this project?

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Speaker 3: No, we're not talking at the moment to any government backing.

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Speaker 3: We're talking, as I said, to landowners and then to

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Speaker 3: potential partners.

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Speaker 6: But is the WW government supporting you?

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Speaker 3: By the moment, We're not looking at any support from

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Speaker 3: any government things. It's going to be very much commercial

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Speaker 3: business plan.

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Speaker 6: Sorry to clarify.

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Speaker 1: Are they aware?

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Speaker 3: Of course, everybody knows about it, and they were aware

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Speaker 3: of our intention to invest globally. As you appreciate, we

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Speaker 3: have already a data center under construction in three countries

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Speaker 3: in Asia, three countries in Europe, Middle East. We are

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Speaker 3: in more than ten countries around the world, covering Indonesia, Jaka, Indonesia,

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Speaker 3: Thailand and Malaysia, Greece, Spain, and Italy coming next, Hussain.

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Speaker 5: In your press conference with Donald Trump, you specifically made

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Speaker 5: the comment that you've been waiting for years to invest

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Speaker 5: in the AI space in the United States. You specifically

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Speaker 5: said you've been waiting for four years to invest in

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Speaker 5: the AI space between the election of Donald Trump and

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Speaker 5: the administration of Joe Biden. Several of your other counterparts

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Speaker 5: around the world have already been investing in AI in

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Speaker 5: a big way. What has changed fundamentally to incentivize this

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Speaker 5: move from you?

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Speaker 3: In the last four years, we have invested more than

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Speaker 3: and committed about two billion dollars in the private equity

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Speaker 3: and in some direct deals like we are investor in XAI,

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Speaker 3: in open Ai, you know, in the space x and

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Speaker 3: we are more than sixty funds in the US. So

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Speaker 3: we're not to stop investing, but we were investing through funds,

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Speaker 3: investing directly. We wanted to see more friendly government who

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Speaker 3: encourages the foreign investments, and we feel is the right time.

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Speaker 1: Now there saying just coming there's kind of quick kind

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Speaker 1: of quick questions just returning to the issue of funding.

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Speaker 1: The funding is you are one hundred percent guaranteeing that

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Speaker 1: the funding exists for this deal, that it's already in place,

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Speaker 1: that you secure that funding, that you are ready to go.

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Speaker 1: That's my first question is that a yes or no answer.

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Speaker 1: Is the funding in place?

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Speaker 3: The funding, our equity is in place. That debt will

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Speaker 3: come as we go and as we build those data centers.

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Speaker 1: That brings me on to the second point. You say

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Speaker 1: you're going to build them. Are you going to build

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Speaker 1: them or are you going to do the land deals

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Speaker 1: and then let somebody else build them? Is that the

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Speaker 1: way the model is going to work.

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Speaker 3: No, the model is we buy the land, we hire

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Speaker 3: a designer, and then we hire a contractor who will

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Speaker 3: build it, and then we lease it to the hyper scalers.

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Speaker 5: Whosaying, speaking of the hyperscalers, are there customers that you

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Speaker 5: have in mind when it comes to who may, at

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Speaker 5: the end of the day be some of the buyers

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Speaker 5: of these data centers?

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Speaker 3: You mean, you mean they're lazy. We're not going to

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Speaker 3: sell at the center, but we're going to lease them.

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Speaker 3: We're gonna we're gonna lead them to the hyper scaler,

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Speaker 3: which are non Amazon, Microsoft, Google or a kill you

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Speaker 3: and some large fourteen five hundred companies IBM and adults.

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Speaker 5: Have you started having those conversations with them.

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Speaker 3: We were having conversation with them about Asia and Europe

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Speaker 3: for the last twelve months, and we have quite advanced

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Speaker 3: in negotiation with some of them to finalize a deal

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Speaker 3: and part of where we have data centers already.

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Speaker 5: But when it comes to some of those negotiations, why

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Speaker 5: not already have those investments in the United States again

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Speaker 5: with the same players that you're working with in Asia

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Speaker 5: and Europe as well. You made the comment of now

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Speaker 5: having a friendlier government in place in the United States

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Speaker 5: that is friendlier to foreign investment. Someone argued, that's the

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Speaker 5: exact opposite message that Donald Trump is giving. Why not

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Speaker 5: invest in the US earlier? Aren't you coming a little

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Speaker 5: bit late to the game here?

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Speaker 3: No, we're not late in the game because this AI

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Speaker 3: business already started only last eighteen or twenty four months,

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Speaker 3: and we've been quite focused on Asia and Europe in

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Speaker 3: the year twenty three twenty four and now our focus

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Speaker 3: is going to be heavily on us.

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Speaker 6: Saying in terms of those potential customers, have you spoken

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Speaker 6: to or met with Samuel Man and Elon Musk.

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Speaker 3: Yeah, we were together there at the New Year on

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Speaker 3: the same you know in Marie Lago and is an

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Speaker 3: amazing gentleman with a vision and of course you know

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Speaker 3: his accomplishments. We are already investor in these companies face

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Speaker 3: X and XI.

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Speaker 6: It's about Selon Musk. Have you met sam Oltman? Ad

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Speaker 6: sam Oltman?

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Speaker 3: No, I don't remember anybody like that.

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Speaker 5: All right, Damax founder and chairman, who's say Delajuani. We

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Speaker 5: will leave the conversation there. We thank you so much

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Speaker 5: for your time and of course look forward to getting

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Speaker 5: the updates on what that data center investment actually looks like.