Damac Group’s Hussain Sajwani keen to explore investment opportunities in Germany

Dubai-based conglomerate Damac Group has announced that it is exploring investment opportunities in Germany with an estimated spend of up to EUR1bn.

Hussain Sajwani, chairman of the Damac Group, has said that he is interested in data centre and tech-related opportunities, with the company currently on a fact-finding mission in Germany to research the market and possibly identify mutually beneficial partners.

Sajwani said this was a good time especially for future-oriented industries in Germany and that 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.”

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 has 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.

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.

Read: UAE’s Damac Group to invest $100m in metaverse project

The group has also collaborated with a variety of strong brands in its property developments, including Paramount, Radisson, Rotana, The Trump Organization, Fendi Casa, Versace Home and Mandarin Oriental.

The company is also looking to expand its footprint in Europe, having entered a joint venture in Denmark to build single family residential developments across Scandinavian countries.

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

Read: Dubai’s Damac Properties makes US entry by winning $120m bid in Miami

“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.

“We are keen on diversifying our portfolio, especially when it comes to futuristic endeavours, so that we stay ahead of the curve,” Sajwani said.