They have the cheapest oil in the world and in the future (and present) they will likely have cheap solar energy.

And until this fine misadventure, it was also possible they would get extremely cheap nuclear energy.

Given that the Gulf is fairly central, has tremendous flight connectivity, has tremendous capacity for business and business conference growth, Dubai was only looking to increase its share of global finance, law, and other major services, is a major center of shipping, is a region that has neutral to friendly relations with nearly every country, has 3rd world like cheap labor but first world like luxuries if you have the money, and a lot of money they were willing to spend on these data centers, it’s not the worst idea.

Of course, that whole plan has come crashing down now that having US bases has turned from an asset to a liability.