- Dubai-based conglomerate, Damac Group, has announced it is exploring investment opportunities in Germany with an estimated spend of up to €1 billion. The company is currently “on a fact-finding mission in Germany to research the market and possibly identify mutually beneficial partners” for investment.
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Damac Group, the parent company of Damac Properties, entered the data centre business last year, with the launch of Edgnex, a global digital infrastructure provider that identifies and invests in the next digital hubs.
Why it matters
DAMAC Group announced its plans to embark into the world of the metaverse and build its own digital cities. Furthermore, the Group plans to invest a capital of up to $100 million in the project. The DAMAC Group has also been taking interest and is intent on expanding its portfolio by adding distressed luxury assets, to turn them over into profit-making investments. Recently, the Group purchased the Switzerland-based jewellery brand, de GRISOGONO.
