Dubai’s Damac Group is preparing a prospective investment of 1 billion euros in Germany after the United Kingdom and the United States.
The newly announced data center company and another tech-related potential, according to Damac Group Chairman Hussain Sajwani, may be tied to them. As part of its “fact-finding journey in Germany to investigate the business and perhaps establish mutually beneficial partners,” the company is now there.
“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 centers,” said Sajwani. “I see a lot of opportunity and potential, especially in eastern Germany that I would like to explore and learn more.”
Together with Edgnex, a provider of global digital infrastructure that seeks out and invests in the upcoming digital hubs, DAMAC entered the data center market last year. The business declared this year that it will enable cryptocurrency transactions and launch D-Labs, a business that would “create digital towns in the metaverse.”
Real-world Damac projects abroad include the 50-story Damac Towers Nine Elms in the heart of London. Additionally, it has purchased a sea-facing plot of property in Miami for a skyscraper under the Cavalli name. It is also building in Toronto in collaboration with Canadian developer Marlin Spring.
Data centers
The data center industry is drawing significant investment; in the UAE, G42-e& owned Khazna is already one of the most well-known names. Damac wants to invest in data centers that are really global while also including some high-tech and property management and development.
On the core real estate front, Damac entered Miami and had just finished building its opulent residential tower there. There have been numerous off-plan launches in Dubai. Then there are the high-end brand acquisitions, including Roberto Cavalli and most recently, the Swiss jewelry designer de Grisogono. (Both brands have also been used in Damac’s real estate development.)
Damac has a joint venture in Denmark to construct single-family home estates throughout the Scandinavian countries as part of its efforts to “extend its footprint in Europe.” According to the Chairman, “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 US.
“More and more, we are demonstrating our various strengths in the global market.”