DAMAC Group to invest $1bn in data centres, sets sight on Türkiye, Jordan
DAMAC to invest $1bn in data centres, expand in Saudi
Dubai property giant DAMAC Group plans to invest $1bn in data centres over the coming years, its founder and chairman Hussain Sajwani said on Thursday.
Sajwani said the investment is part of the conglomerate’s broader strategy to advance digital infrastructure and support the tech transitions that are essential for future growth and innovation.
DAMAC launched its data centre business, EDGNEX Data Centres, in 2021 as the group seeks to capitalise on the growing demand for robust digital infrastructure.
The company forayed into the Indonesian market in May, with plans to build a 15-megawatt (MW) data centre in Jakarta. The conglomerate plans to complete the construction of the first phase of the facility in the last quarter of 2025.
EDGNEX is making significant strides in Saudi Arabia, with facilities under construction in Dammam and Riyadh that will deliver 55MW by 2025. The company plans to build data centres in Jordan and Türkiye in partnership with Vodafone.
DAMAC’s diversification into artificial intelligence (AI) and tech infrastructure is expected to bolster the conglomerate’s portfolio while paving the way for strategic partnerships and collaborations.
The company has significantly increased its investment in the rapidly evolving AI sector, including a $50m investment in Anthropic, an AI startup. The group has also made investments in xAI, an American AI startup founded by Elon Musk, and Mistral, a French AI firm.
“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.”
AI is projected to contribute as much as $15.7tn to global GDP by the end of the decade. Its contribution to economic growth will be driven by improved labour productivity as firms augment their workforce with AI technologies and automate specific tasks and roles.
By 2030, 45 per cent of total economic gains will come from product enhancements, stimulating consumer demand through greater product variety, increased personalisation, and enhanced affordability.