DAMAC Group, renowned for its diverse investment ventures, has unveiled a substantial increase in its commitment to the Artificial Intelligence (AI) sector. This strategic move is poised to align with DAMAC’s vision of spearheading cutting-edge AI technologies and infrastructure development.
The global economic landscape stands to benefit significantly from AI, with projections suggesting it could contribute up to $15.7 trillion by 2030, according to a recent PwC report. This estimation underscores the transformative potential AI holds across various industries.
“As a forward-thinking organization, we acknowledge AI’s pivotal role in shaping the future,” remarked Hussain Sajwani, Founder and Chairman of DAMAC Group. “Our heightened investment in AI reflects our dedication to fostering pioneering technologies that drive substantial advancements and unlock new opportunities.”
DAMAC Group’s investment portfolio already boasts over 70 funds spanning diverse strategies, showcasing its commitment to innovation across sectors. With a focused approach on AI, the Group aims to bolster its role in advancing foundational AI models and infrastructure.
The Group’s recent investments include significant stakes in leading AI firms like Anthropic and xAI, highlighting its strategic alignment with pioneering technologies. These investments underscore DAMAC’s commitment to nurturing innovation and driving the next wave of technological breakthroughs.
“We are thrilled to contribute to the AI revolution and propel industry growth,” added Sajwani. “Our partnerships with companies such as Mistral, Anthropic, and xAI underscore our commitment to driving innovation and advancing technological frontiers.”
In parallel with its AI initiatives, DAMAC Group continues to expand its presence in critical technological sectors, particularly data centers. The launch of EDGNEX Data Centres in 2021 marked a significant milestone in DAMAC’s diversification strategy, positioning the Group to meet the escalating global demand for robust digital infrastructure.
Highlighting its ongoing expansion, DAMAC Group recently announced plans to enter the Indonesian market with a state-of-the-art data centre in Jakarta, scheduled for completion by late 2025. The Group also continues to make substantial strides in Saudi Arabia, with new facilities underway in Dammam and Riyadh, set to deliver 55MW by 2025.
“DAMAC’s planned $1 billion investment in the data centres sector underscores our commitment to advancing digital infrastructure,” stated Sajwani. “These investments are crucial in supporting technological transitions and fostering sustainable growth.”
DAMAC Group’s intensified focus on AI and technological infrastructure is expected to not only enhance its existing portfolio but also forge new strategic collaborations. By leveraging advanced technologies, DAMAC Group aims to create enduring value and drive sustainable growth in the global market.
