Dubai-based property giant DAMAC Group has bolstered its investment in the thriving artificial intelligence (AI) sector through a $50m deal with Anthropic. The conglomerate has also made substantial investments in xAI, an American AI startup founded by Elon Musk, and Mistral, a French AI firm.
These investments form part of DAMAC’s broader strategy to advance digital infrastructure and support technological transitions crucial for future growth and innovation.
“Our increased investment in AI reflects our commitment to nurturing groundbreaking technologies that can drive significant progress and create new opportunities across various sectors,” said Hussain Sajwani, founder of the group, in a statement.
DAMAC’s family office has already invested in over 70 funds across diverse strategies, underscoring its dedication to fostering innovation and growth in multiple industries. With this renewed emphasis on AI, the group aims to enhance its role in advancing fundamental AI models and infrastructure.
The conglomerate’s heightened focus on AI and tech infrastructure is anticipated to strengthen its portfolio and facilitate strategic partnerships and collaborations.
According to a study by PwC, AI could potentially contribute up to $15.7tn to the global economy by the end of the decade. The report emphasises that initial GDP gains will stem from improvements in labour productivity as companies integrate AI technologies to automate tasks and roles.
In 2021, DAMAC launched its data centre business, EDGNEX Data Centres, aiming to capitalise on rising demand for robust digital infrastructure.
In May, the company entered the Indonesian market with plans to construct a 15-megawatt (MW) data centre in Jakarta, with the first phase scheduled for completion by the final quarter of 2025.
