DAMAC Group announces increased investment in AI sector, with significant investments in Anthropic, xAI and Mistral

Through strategic investments, DAMAC is committed to promoting innovation and driving the next wave of technological advances

DUBAI, UAE, July 8, 2024 /PRNewswire/ — DAMAC Group, a leading conglomerate known for its diversified investment portfolio, announced a significant increase in its investment in the rapidly growing artificial intelligence (AI) sector.

DAMAC Group has announced significant investments in leading AI companies, including $50 million in AI startup Anthropic, as one of the main investors who bought the company from cryptocurrency exchange FTX. The Group has also invested in xAI, a US AI startup founded by Elon Musk, and Mistral, a French AI company that is one of the best European open source models for large languages. This strategic move is in line with the Group’s vision to support and develop cutting-edge AI technologies and infrastructure.

The diversified family office of DAMAC Group 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 enhance its role in developing foundational AI models and infrastructure.

“As a forward-thinking organization, we recognize the transformative potential of AI to shape the future,” said Hussain Sajwani, Founder of DAMAC Group. “Our increased investment in AI reflects our commitment to supporting the development of breakthrough technologies that can drive significant progress and create new opportunities across sectors.”

“We are excited to be part of the AI ​​revolution and help drive this dynamic industry forward,” added Sajwani. “Our investments in companies like Mistral, Anthropic, and xAI underscore our commitment to driving innovation and driving the next wave of technological advancement.”

A study by PwC highlights the enormous potential of AI to transform the productivity potential and GDP of the global economy. AI could contribute as much as $15.7 trillion to the global economy by 2030. Initial GDP gains will be driven by improvements in labor productivity as companies augment their workforces with AI technologies and automate specific tasks and roles. By 2030, 45% of total economic gains will come from product improvements, driving consumer demand through greater product variety, increased personalization, and increased affordability.

The largest economic benefits from AI will be seen in China, where GDP will increase by 26%, and North America, where it will increase by 14.5%. Together, these regions will account for almost 70% of the global economic impact, equivalent to a combined $10.7 trillion.

DAMAC Group’s increased focus on AI and technology 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 Hussain Sajwani’s multi-billion dollar UAE-based business conglomerate. The Group’s investments are divided into seven main areas: real estate, capital markets, hotels and resorts, manufacturing, catering, high-end fashion and data centers.

The Group’s most significant activities include: DAMAC Properties, one of the largest real estate developers in the region, the acquisition of Italian fashion house Roberto Cavalli and luxury Swiss jewellery brand de GRISOGONO, the 50-storey DAMAC Towers Nine Elms complex in London and a luxury resort in the Maldives.

In a move to revolutionize the global data center market, the Group recently announced plans to build data centers through its digital infrastructure subsidiary, EDGNEX Data Centers by DAMAC, in various locations around the world.

Today, the Group’s global footprint spans North America, Europe, Asia, the Middle East and Africa. With a vision firmly focused on growth and expansion, the Group continues its pursuit of diversification and business excellence.

For more information please contact:

Visit us at www.damacgroup.com

E-mail: [email protected]