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Dubai-based conglomerate Damac Group has announced that it is exploring investment opportunities in Germany, with an estimated expenditure of up to 1 billion euros ($998.6 million).
Hussain Sajwani, Chairman of Damac Group, known for his luxury real estate development in the Middle East and globally, is particularly interested in data centre and technology related opportunities, the company is currently fact-finding the market in Germany and may identify mutually beneficial collaborations partner.
“It’s a very interesting time in Germany right now, especially for future-oriented industries, the country has a lot of opportunities in areas such as data centers. I see a lot of opportunities and potential, especially in Eastern Germany that I want to explore and Learn more,” he said.
In 2021, Damac enters the data center world with the launch of Edgnex, a global digital infrastructure provider that identifies and invests in the next digital center.
The following year, the company announced that it would facilitate cryptocurrency payments and would also establish D-Labs, a company that would build digital cities in the metaverse.
In addition to real estate, the DAMAC Group has a diversified and rich portfolio including capital markets, data centers, hotels, fashion and retail.
Over the past few years, Sajwani has acquired not only renowned Swiss jeweller de Grisogono, but also iconic Italian fashion giant Roberto Cavalli, aiming to revamp the brand for a younger clientele while preserving their cherished legacy.
In a statement, the company said DAMAC Group is also working with companies including Paramount, Radisson Blu, Rotana, Trump Organization, Fendi Casa, Versace Home and Mandarin Oriental in its real estate development projects. collaboration with several powerful brands, demonstrating the company’s global relationships and reach.
Sajwani is recognized as one of the most powerful Arabs, among many other honors. It added that he was also a close business partner of former US President Donald Trump in the development of the Trump International Golf Course in the UAE.
Damac said it was looking to expand its footprint in Europe, having formed a joint venture in Denmark to build single-family residential developments in the Scandinavian country.
Its international projects include the 50-storey Damac Towers Nine Elms, a flagship project in central London with Versace interiors. Further afield, it has also partnered with Canadian developer Marlin Spring for development in Toronto, and recently acquired sea-facing A-grade land in the upscale Surfside community of Miami, Florida, to build an iconic Cavalli-branded tower.
“Damac has been in the Middle East for quite some time, but over the past few years we have been making waves globally, with projects in Europe, Canada and the US. Increasingly, we are showcasing our various advantage in the global market,” Sajwani said.
“We are keen to diversify our portfolio, especially in future endeavors, so that we can stay ahead of the curve,” he added.arab trade news agency
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