Dubai-based conglomerate DAMAC Group is exploring investment opportunities in Germany with an estimated spend of up to €1 billion.
Hussain Sajwani, Chairman of the DAMAC Group, known for its luxury real estate development in the Middle East and globally is particularly interested in data center and tech-related opportunities and the company is currently on a fact-finding mission in Germany to research the market and possibly identify mutually beneficial partners, the company said.
“It’s a very interesting time now in Germany, especially for future-oriented industries and the country has a lot of opportunities in sectors such as data centres. I see a lot of opportunity and potential, especially in Eastern Germany that I would like to explore and learn more,” said Sajwani.
In 2021, DAMAC entered the data center world with its launch of Edgnex, a global digital infrastructure provider that identifies and invests in the next digital hubs. The following year, the company announced it would facilitate cryptocurrency payments and would also establish D-Labs, a company that would build digital cities in the metaverse.
DAMAC Group has also collaborated with a variety of brands in its property developments including Paramount, Radisson, Rotana, and The Trump Organisation to name a few.
The company further explained that Sajwani is recognised as one of the most powerful Arabs, among many other accolades. He is also a close business partner in the United Arab Emirates of former US President Donald Trump and has developed the Trump International Golf Course.
DAMAC is looking to expand its footprint in Europe, and has entered a joint venture in Denmark to build single-family residential developments across Scandinavian countries.
“DAMAC has been a respected and recognisable name in the Middle East for quite some time, but in the past few years, we have been making waves globally, with projects in Europe, Canada and the United States. More and more, we are demonstrating our various strengths in the global market. We are keen on diversifying our portfolio, especially when it comes to futuristic endeavours, so that we stay ahead of the curve,” Sajwani concluded.
Hussain Sajwani had also announced that he will invest $1 billion to build a global network of cloud data centers as the conglomerate diversifies its operations to include the fast-growing digital sector.