DAMAC is dedicated to fostering innovation through strategic investments to drive the next wave of technological breakthroughs.
Dubai,United Arab Emirates, July 8, 2024 DAMAC Group, a leading conglomerate known for its diversified investment portfolio, has announced a significant increase in its investments in the rapidly evolving field of Artificial Intelligence (AI).
DAMAC Group has announced a notable investment in a leading company in the AI ​​sector. $50 million As the founder of AI startup Anthropic and one of the company’s top investors, Cryptocurrency It also has an investment in the exchange FTX. The group has also invested in xAI, an American AI startup. Elon Musk And in the Mistral FranceThe company is a European-based AI company with one of the best open source large-scale language models in Europe. This strategic move is in line with the Group’s vision to support and develop cutting-edge AI technologies and infrastructure.
DAMAC Group’s diversified family office has already invested in over 70 funds across a range of strategies, demonstrating its commitment to driving innovation and growth across multiple industries. With this new focus on AI, the group aims to further strengthen its role in the development of foundational AI models and infrastructure.
“As a forward-thinking organization, we recognize the transformative potential of AI to shape the future,” said Hussein SajwaniFounder of the DAMAC Group, CEO of the Damac Group…
“We are excited to be part of the AI ​​revolution and contribute to the growth of this dynamic industry,” Sajwani added. “Our investments in companies like Mistral, Antropic and xAI underscore our dedication to fostering innovation and driving the next wave of technological advancements.”
PwC research highlights the huge potential for AI to transform productivity and GDP potential in the global economy. $15.7 trillion By 2030, AI will contribute significantly to the global economy. As companies augment their workforce with AI technologies and automate certain tasks and roles, labor productivity will increase, driving initial GDP growth. By 2030, 45% of total economic growth will come from product enhancements, stimulating consumer demand through greater product variety, greater personalization, and improved affordability.
The biggest economic benefit of AI is ChinaGDP increased by 26% North AmericaTogether, these regions account for about 70% of the global economic impact, with a combined $10.7 trillion.
DAMAC Group’s focus on AI and technological infrastructure is expected to strengthen its existing portfolio and pave the way for new strategic partnerships and collaborations. The Group aims to leverage advanced technologies to create value and drive sustainable growth.
About DAMAC Group
DAMAC Group is a multi-billion dollar business conglomerate based in the UAE. Hussein SajwaniThe group’s investments are divided into seven core sectors: real estate, capital markets, hotels and resorts, manufacturing, catering, luxury fashion and data centres.
Some of the Group’s most notable activities include the acquisition of DAMAC Properties, one of the region’s largest real estate developers, and an Italian fashion house. Roberto Cavalli DAMAC Towers Nine Elms is a 50-storey building by the Swiss luxury jewellery brand Grisogono. London Luxury Resort Maldives.
The Group recently announced plans to build data centers around the world through its digital infrastructure company, EDGNEX Data Centres by DAMAC, in a bid to revolutionize the global data center industry.
Currently, our group’s global bases are North America, Europe, Asia, middle east and AfricaWith a firm vision of growth and expansion, the Group continues to pursue diversification and business excellence.
For further information, please contact:
Please visit www.damacgroup.com.
Email: [email protected]
Logo – https://mma.prnewswire.com/media/2455928/DAMAC_Logo.jpg
SOURCE DAMAC Group
