Damac Group’s $1 Billion Investment Targets Data Centers and AI Innovations
With the growing global demand for digital infrastructure, Damac has been expanding its footprint in this important sector.
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Damac Group, a renowned conglomerate with a diverse investment portfolio of luxury real estate, hospitality, property management, and logistics, has announced its plan to invest up to $1 billion in the data centers sector over the next few years.
Recognizing the increasing global demand for digital infrastructure, Damac has been expanding its footprint in this crucial sector. A significant milestone in Damac’s diversification strategy was the launch of Edgnex Data Centers in 2021, which has enabled the group to capitalize on the growing need for robust digital infrastructure.
According to Damac, Edgnex is making significant strides in Saudi Arabia, with facilities under construction in Dammam and Riyadh that will deliver 55MW by 2025. Additionally, plans are underway for a data centre in Amman, Jordan, and another in Turkey in partnership with Vodafone.
In May, Damac had announced its entry into the Indonesian market with plans to build a data center in Jakarta. The 15MW facility, located along MT Haryono, is scheduled to complete its first construction phase in the fourth quarter of 2025.
“This substantial investment in the data center sector reflects our commitment to advancing digital infrastructure and supporting the technological transitions that are essential for future growth and innovation,” said Hussain Sajwani, the Founder and Chairman of Damac Group.
In addition to the technological transitions and diversification, particularly in the data centers sector, Damac Group is heavily focusing on its Artificial Intelligence (AI) investments.
The increased focus on AI and technological infrastructure, he stated, is expected to bolster the Group’s existing portfolio and pave the way for new strategic partnerships and collaborations.
By investing in AI and data centers, it aims to leverage advanced technologies to create value and drive sustainable growth, he added.
The Damac Group’s diversified family office has already invested in over 70 funds across various strategies, demonstrating its commitment to fostering innovation and growth across multiple industries.
With this new focus on AI, the Group aims to further enhance its role in advancing foundational AI models and infrastructure.
“As a forward-thinking organization, we recognize the transformative potential of AI in shaping the future,” remarked Sajwani.
“Our increased investment in AI reflects our commitment to supporting the development of groundbreaking technologies that can drive significant progress and create new opportunities across various sectors,” he stated.
According to him, Damac has made notable investments in leading AI companies including a $50 million in the AI startup, Anthropic – as one of the top investors who have bought into the company from the bankrupt cryptocurrency exchange, FTX.
Also it has made investments in xAI – an American AI startup founded by Elon Musk and in Mistral – a France-based AI company which is one of the best European large-language model open source.
“We are excited to be part of the AI revolution and to contribute to the growth of this dynamic industry,” said Sajwani.
“Our investments in companies like Mistral, Anthropic, and xAI underscore our dedication to fostering innovation and driving the next wave of technological advancements,” he added.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
NBO marks a milestone in customer convenience and operational efficiency
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In its ongoing effort to enhance customer convenience and streamline banking processes, the National Bank of Oman (NBO) has launched a new feature on its mobile application that allows customers to update their Know Your Customer (KYC) details seamlessly.
This service, introduced in June 2024, enables NBO customers to update their personal information directly through the app, eliminating the need to visit branches. The newly enabled digital signature feature further enhances efficiency and user experience.
NBO‘s commitment to enhancing digital customer touchpoints is evident through this new e-KYC feature. Leveraging its membership agreement with Mala’a, Oman’s Credit and Financial Information Centre, NBO can now automatically fetch and verify customers’ identities. This integration ensures that the bank’s information databases are accurate and comply with legal and regulatory requirements, minimizing the need for branch visits.
Dr. Ali Salim Said Al Shekaili, Assistant General Manager – Head of Digital Banking & E-Channels at NBO, commented on the launch: “We’re excited to have this new feature on our mobile banking app that ensures personal information is updated to better serve our customers. In addition to enhancing customer convenience, this feature streamlines our verification process for faster processing. At NBO, our customer-centric approach ensures that we simplify banking and directly address the needs and preferences of our customers, making their banking experience more seamless and efficient.”
With NBO’s e-KYC service, customers can update a range of mandatory fields, including personal details such as full name, nationality, ID number, date of birth, and gender; address details including current and permanent addresses; occupation details including employment information; and financial details such as monthly income and source of funds. Additional details, such as whether the customer is a politically exposed person (PEP), has US tax residency (FATCA) or pays taxes in countries other than Oman (CRS), can also be updated. Once the required information is uploaded, it is instantly updated in the bank’s records, and customers receive a confirmation SMS notification.
The Central Bank of Oman mandates KYC compliance for all financial institutions operating in Oman, requiring customers to update their KYC details based on their risk categorization: low-risk customers every five years, medium-risk customers every three years, and high-risk customers once per year. The introduction of the new e-KYC feature will also be extended to new customers during the initial digital account opening process.
NBO continues to innovate, offering valuable benefits to its customers and making everyday banking transactions more efficient and secure.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
