DAMAC Invests $50 Million to Support AI Technologies

Damac Group announced today an increase in its strategic investments in artificial intelligence, aimed at enhancing innovative technologies and advanced digital infrastructure.

This expansion includes a $50 million investment in Anthropic, a leading American AI company, alongside investments in xAI and Mistral.

These moves underscore Damac’s commitment to technological innovation and sustainable growth across various sectors.

Commenting on the initiative, Hussain Sajwani, Founder and Chairman of Damac Group, stated, “We recognize the importance of supporting emerging technologies like artificial intelligence, and we are committed to strengthening our role as pioneers in this field.

Through these new investments, we aim to foster innovation and development across multiple economic sectors.”

Sajwani added, “These investments reflect our dedication to enhancing growth and innovation, contributing to bolstering our current business portfolio and reinforcing our leading position both locally and internationally.”

This announcement comes amidst expectations that artificial intelligence will significantly contribute to the global economy, with projections suggesting its impact could reach $15.7 trillion by 2030, underscoring the importance of sustainable investments in this advanced sector.

Headquartered in Dubai, Damac Group is one of the foremost companies in the luxury real estate development sector in the Middle East.

The group’s diversified portfolio includes investments in real estate, hospitality, resorts, manufacturing, and luxury fashion.

Expanding its footprint globally, Damac Group has diversified its investment and strategic portfolio into international markets, solidifying its position as a key player in various industries.

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