Damac Group, a leading conglomerate known for its diverse investment portfolio, which includes luxury real estate, hospitality, property management, and logistics, has announced plans to invest up to $1 billion in the data center sector over the next few years.
Recognizing the growing global demand for digital infrastructure, Damac has been expanding its presence in this critical sector.
The launch of Edgnex Data Centres in 2021 marked a significant milestone in Damac’s diversification strategy. This strategic move has enabled the company to capitalize on the growing demand for robust digital infrastructure.
According to Damac, Edgnex is making significant progress in Saudi Arabia, with facilities under construction in Dammam and Riyadh that will generate 55MW by 2025. In addition, plans are underway to establish a data center in Amman, Jordan, and another in Turkey in collaboration with Vodafone.
Damac announced its entry into the Indonesian market in May, stating that it would build a data center in Jakarta. The 15MW facility, located along MT Haryono, is expected to complete its first phase of construction in the fourth quarter of 2025.
“This substantial investment in the data centre sector reflects our commitment to advancing digital infrastructure and supporting the technological transitions that are essential for future growth and innovation,” said Hussain Sajwani, the Founder and Chairman of Damac Group.
In addition to technological transitions and diversification, particularly in the data center sector, Damac Group is investing heavily in Artificial Intelligence (AI).
He stated that the increased focus on AI and technological infrastructure is expected to strengthen the Group’s existing portfolio while also paving the way for new strategic partnerships and collaborations.
He added that by investing in AI and data centers, the company hopes to capitalize on advanced technologies to create value and drive long-term growth.
The Damac Group’s diversified family office has already invested in over 70 funds using a variety of strategies, demonstrating its commitment to fostering innovation and growth across industries.
With this new focus on AI, the Group hopes to strengthen its role in advancing foundational AI models and infrastructure.
“As a forward-thinking organisation, we recognise the transformative potential of AI in shaping the future,” remarked Sajwani.
“Our increased investment in AI reflects our commitment to supporting the development of groundbreaking technologies that can drive significant progress and create new opportunities across various sectors,” he stated.
According to him, Damac has made significant investments in leading AI companies, including a $50 million investment in Anthropic, as one of the top investors from the bankrupt cryptocurrency exchange FTX.
It has also invested in xAI, an American AI startup founded by Elon Musk, and Mistral, a France-based AI company that is one of the best European large-language models open source.
“We are excited to be part of the AI revolution and to contribute to the growth of this dynamic industry,” said Sajwani.
“Our investments in companies like Mistral, Anthropic, and xAI underscore our dedication to fostering innovation and driving the next wave of technological advancements,” he added.
