Damac Group plans massive investment in Germany

Publish August 24, 2022
real estate

Dubai-based conglomerate Damac Group has announced it is exploring investment opportunities in Germany with an estimated spend of up to €1 billion ($998.6 million).

Hussain Sajwani, the chairman of the Damac Group, best known for its luxury real estate development in the Middle East and globally, 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,' he stated.

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 Group has also collaborated with a variety of powerful brands in its property developments including Paramount, Radisson, Rotana, The Trump Organization, Fendi Casa, Versace Home and Mandarin Oriental, demonstrating the company’s global relationships and impact, said the comoany in a statement.

Sajwani is recognised as one of the most powerful Arabs, among many other accolades. He is also a close business partner in the UAE of former US President Donald Trump having developed the Trump International Golf Course, it added.

Damac said it was looking to expand its footprint in Europe, having entered a joint venture in Denmark to build single family residential developments across Scandinavian countries.

Its international projects include the 50-storey Damac Towers Nine Elms, a flagship project in central London with Versace interiors. Further afield, it is also developing in Toronto in a partnership with Canadian developer Marlin Spring and has recently acquired grade A, sea-facing land in the upscale neighbourhood of Surfside in Miami Florida to build a Cavalli-branded iconic tower.

'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,' stated Sajwani.

'We are keen on diversifying our portfolio, especially when it comes to futuristic endeavours, so that we stay ahead of the curve,' he added.


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