DAMAC Group on €1 billion "shopping" spree in Europe
Dubai-based conglomerate DAMAC Group has announced it is exploring investment opportunities in Germany with an estimated spend of up to €1 billion. DAMAC is looking to expand its footprint in Europe, having entered a joint venture in Denmark to build single family residential developments across Scandinavian countries.
Hussain Sajwani, Chairman of the DAMAC Group, is particularly interested in data centre and tech-related opportunities, and 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. I see a lot of opportunity and potential, especially in Eastern Germany that I would like to explore and learn more,” Sajwani said.
In 2021, DAMAC entered the data centre world with its launch of Edgnex, a global digital infrastructure provider that identifies and invests in the next digital hubs. The following year, the company announced it would facilitate cryptocurrency payments and would also establish D-Labs, a company that would build digital cities in the metaverse.
Apart from real estate, DAMAC Group has a diverse and rich portfolio including Capital Markets, Data Centres, Hospitality, Fashion and Retail. In the past few years, Sajwani not only acquired the famous Swiss jeweller de Grisogono, but also the iconic Italian fashion powerhouse Roberto Cavalli with the aim to revamp the brands for a younger clientele while preserving their cherished legacies.
“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 United States. More and more, we are demonstrating our various strengths in the global market,” Sajwani added. “We are keen on diversifying our portfolio, especially when it comes to futuristic endeavours, so that we stay ahead of the curve.”