Through strategic investments, DAMAC is dedicated to
fostering innovation and driving the next wave of technological
advancements
DUBAI, UAE, July 8, 2024
/PRNewswire/ -- DAMAC Group, a leading conglomerate known for its
diverse investment portfolio, has announced a significant increase
in its investment in the rapidly evolving Artificial Intelligence
(AI) sector.
DAMAC Group announced 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 cryptocurrency
exchange, FTX. The Group has also 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. This strategic move
aligns with the Group's vision to support and develop cutting-edge
AI technologies and infrastructure.
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 organisation, we recognise the
transformative potential of AI in shaping the future," said
Hussain Sajwani, Founder of DAMAC
Group. "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."
"We are excited to be part of the AI revolution and to
contribute to the growth of this dynamic industry," added Sajwani.
"Our investments in companies like Mistral, Anthropic, and xAI
underscore our dedication to fostering innovation and driving the
next wave of technological advancements."
A study by PwC underscores the immense potential of AI to
transform the productivity and GDP potential of the global economy.
AI could contribute up to $15.7
trillion to the global economy by 2030. Initial GDP gains
will be driven by improvements in labour productivity as firms
augment their workforce with AI technologies and automate certain
tasks and roles. By 2030, 45% of total economic gains will come
from product enhancements, stimulating consumer demand through
greater product variety, increased personalisation, and enhanced
affordability.
The greatest economic gains from AI will be seen in China, with a 26% boost to GDP, and in
North America, with a 14.5% boost.
Together, these regions will account for almost 70% of the global
economic impact, equivalent to a total of $10.7 trillion.
DAMAC Group's increased focus on AI and technological
infrastructure is expected to bolster 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
The DAMAC Group is the multi-billion-dollar business
conglomerate of UAE based Hussain
Sajwani. The Group's investments are divided into seven core
areas; real estate, capital markets, hotels & resorts,
manufacturing, catering, high-end fashion and data centres.
Some of the Group's most notable activities include DAMAC
Properties, one of the region's largest property developers, the
acquisition of the Italian fashion house, Roberto Cavalli and luxury Swiss jewellery brand
de GRISOGONO, the 50-storey development DAMAC Towers Nine Elms in
London and a luxury resort in the
Maldives.
In a bid to disrupt the global data centre landscape, the Group
recently announced plans to build data centres through its digital
infrastructure company, EDGNEX Data Centres by DAMAC, across
different global locations.
Today, the Group's global footprint extends across North America, Europe, Asia,
Middle East and Africa. With its vision firmly set on growth
and expansion, the Group continues in its quest for diversification
and business excellence.
For more information, please contact:
Visit us at www.damacgroup.com
Email: corporatecommunications@damacgroup.com
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SOURCE DAMAC Group