Dubai’s Damac to invest €1 Billion in Germany Tech
As part of the Dubai company’s development into technology, Emirati billionaire Hussain Sajwani’s Damac Group is looking at investment opportunities worth €1 billion in Germany. According to a statement released on Tuesday, the company is now “on a fact-finding journey in Germany to explore the market and perhaps discover mutually beneficial partners” for investment.
Privately-held Damac has been branching out into industries like technology and fashion in addition to its primary focus on real estate in Dubai. The business bought Swiss luxury jeweller De Grisogono SA in May after acquiring Italian fashion house Roberto Cavalli SpA in 2019.
The parent firm of Damac Properties, Damac Group, entered the data centre industry last year with the establishment of Edgnex, a global provider of digital infrastructure that seeks for and finances the upcoming digital hubs.
In an effort to give investors more choice, the business said that it will accept certain cryptocurrencies for real estate transactions and set up D-Labs to create digital towns in the metaverse. According to a statement, Damac is looking for partners and is interested in investing in data centres and tech-related businesses.
Damac is also making investments to increase its global footprint. Damac Group’s wide business includes capital markets, data centres, hotels, fashion, and retail in addition to real estate.
“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,” said Hussain Sajwani, chairman of the Damac Group. “I see a lot of opportunity and potential, especially in eastern Germany that I would like to explore and learn more. We are keen on diversifying our portfolio, especially when it comes to futuristic endeavours so that we stay ahead of the curve.”
