UAE DAMAC Group is looking to invest 1 billion Euros approximately ( $995 million) in Germany technology as part of its expansion into the tech realm The company is especially interested in data centres and other technologies.
In an interview Hussein Sajwani, Chairman of DAMAC states, “DAMAC is interested in data centres and tech related investments and is in the process of identifying partners. I see a lot of opportunity and potential, especially in Eastern Germany that I would like to explore and learn more,”
The company is currently on a fact-finding mission in Germany to research the market and possibly identify mutually beneficial partners
DAMAC, which focuses primarily on real estate in Dubai, has been diversifying into sectors such as technology and fashion. The company in May purchased De Grisogono SA, a Swiss luxury jeweller, after buying Italian fashion group Roberto Cavalli Spa in 2019.
It set up Edgnex to invest in data centres. Edgnex is a global digital infrastructure provider that identifies and invests in the next digital hubs.
Earlier this year DAMAC set plans to invest up to $100m for its latest project to build digital cities. The metaverse project will be run under a division called D-Labs which will be led by Ali Sajwani, who will serve as CEO of D-Labs as well as DAMAC general manager.
