UAE - Mubasher: DAMAC Group, the parent firm of Damac Properties Dubai Company, intends to invest a total of EUR 1 billion in data centre and tech-related projects in Germany.

This step comes in line with the group's vision to diversify its portfolio and support expansion plans across Europe, according to a press release.

Hussain Sajwani, Chairman of DAMAC Group, said: “I see a lot of opportunity and potential, especially in Eastern Germany that I would like to explore and learn more.” 

Sajwani added: “In the past few years, we have been making waves globally, with projects in Europe, Canada, and the US.”

Last April, DAMAC Group unveiled plans worth $100 million to launch its digital products in the metaverse world after marking its entry to the data centre world in 2021.

Through its global digital infrastructure firm Edgnex, the UAE-based group collaborated with Dataplex Group to set up data centre facilities in Europe last year.