Dubai: After the UK and US, Dubai's Damac Group wants to be in Germany and is lining up 1 billion euros in potential investments.
Hussain Sajwani, Chairman of Damac Group, said these could be linked to the newly created data centre business it has launched as well as tech-related opportunities. The company is currently on a 'fact-finding mission in Germany to research the market and possibly identify mutually beneficial partners'.
“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 Sajwani. "I see a lot of opportunity and potential, especially in eastern Germany that I would like to explore and learn more.”
Last year, DAMAC entered the data centre business with Edgnex, a global digital infrastructure provider that identifies and invests in the next digital hubs. This year, the company announced it would facilitate cryptocurrency payments and establish D-Labs, a company that would 'build digital cities in the metaverse'.
In the real world, Damac’s overseas projects include a 50-storey Damac Towers Nine Elms in central London. It is also developing in Toronto in partnership with Canadian developer Marlin Spring, and recently acquired a sea-facing land in Miami for a Cavalli-branded tower.
We are keen on diversifying our portfolio, especially when it comes to futuristic endeavours, so that we stay ahead of the curve
Data centres
The business of data centres is attracting serious investments; in the UAE the G42-e& owned Khazna is already one of the biggest names. Damac’s plans is to go truly global with its data centred investments, bringing a bit of property development/ management and high-tech into this space.
On the core real estate side, Damac ventured into Miami and had recently completed its luxury residential tower in London. In Dubai, there have been a series of offplan launches. And then there are the luxury name buys – Roberto Cavalli and more recently, the Swiss jeweller de Grisogono. (Both brands have been incorporated into Damac’s property development too.)
Damac is 'looking to expand its footprint in Europe', having a JV in Denmark to build single-family residential developments across Scandinavian countries. According to the Chairman, "Damac has been a respected and recognisable name in the Middle East for quite some time. But in the past few years we have been making waves globally, with projects in Europe, Canada and the US.
"More and more, we are demonstrating our various strengths in the global market.”
