After data centers, Dubai's Damac Group is scaling up investments in AI
Dubai: The Dubai headquartered property developer Damac is going all in on tech investments, this time in Artificial Intelligence opportunities. This closely follows the company’s recent entry into building high-tech data centers.
The group has already made investments in AI-focused companies, including a $50 million exposure in the startup Anthropic. In fact, Damac emerged ‘as one of the top investors’ who bought into Anthropic from the bankrupt cryptocurrency exchange FTX.
It has also made investments in xAI – an American AI startup founded by Elon Musk – and in Mistral, a French AI company that is one of the ‘best European large-language model open source’.
“We are excited to be part of the AI revolution and to contribute to the growth of this dynamic industry,” said Hussain Sajwani, founder of Damac. (Sajwani, incidentally, has had tech related investments in the past, most notably during the late 1990s and early 2000s.)
More to follow…