Investments
3Partners & Customers
1About DAMAC Group
DAMAC Group is a private business conglomerate. It provides services in various industries, including property development and real estate, data centers, retail and fashion, hospitality, investments, and logistics. It was founded in 1982 and is based in Dubai, United Arab Emirates.
Latest DAMAC Group News
Aug 12, 2024
Getty Images These investments underscore Damac Capital's continued commitment to pioneering advancements in technology and innovation at a global scale, propelling its portfolio into sectors with significant growth potential Staff Writer, TradeArabia PHOTO Damac Capital, the investment arm of leading Dubai developer Damac Group, has announced strong return on investment (ROI) for its strategic investments in SpaceX and Stripe. These investments underscore Damac Capital's continued commitment to pioneering advancements in technology and innovation at a global scale, propelling its portfolio into sectors with significant growth potential. The Dubai group has been active in the space tech industry since the Covid-19 pandemic period. SpaceX founded by Elon Musk, is at the forefront of space exploration and technology, revolutionising space travel and connectivity. Meanwhile the Group welcomed a positive ROI on Stripe within a year into its the investment. A leading online payment processing platform, Stripe enables businesses worldwide to conduct seamless online transactions. These investments follow the Group’s recent announcement of investing in the rapidly evolving Artificial Intelligence (AI) sector. Notable prior investments include $50 million in the AI startup Anthropic, making it one of the top investors from the cryptocurrency exchange, FTX. Additionally, the Group has invested in xAI, an American AI startup founded by Elon Musk, and Mistral, a France-based AI company recognised for its European large-language model open-source capabilities. Since 2015, over $47 billion of private capital has been invested in the global space sector, growing on average 21% per year. The space economy is expected to reach $1.8 trillion by 2035 as space-enabled technologies advance. A new report from the World Economic Forum, "Space: The $1.8 Trillion Opportunity for Global Economic Growth," developed in collaboration with McKinsey & Company, outlines key developments that will shape space and adjacent industries throughout the next decade. Damac Group Founder Hussain Sajwani said: "Our investments in SpaceX and Stripe signify a strategic alignment with companies that are at the cutting edge of technological advancement and innovation. These investments are a testament to Damac Capital's commitment to diversifying our portfolio and in supporting enterprises that have the potential to create transformative impacts on a global scale." Damac Capital's investment in SpaceX aligns with its vision to support groundbreaking ventures that redefine industries, said Sajwani. With projects like Starship and Starlink, SpaceX aims to make space more accessible and improve global internet coverage, directly contributing to technological advancements and economic development. Damac Capital's investment in Stripe reflects its strategic focus on fintech innovations that transform financial services. By investing in Stripe, Damac Capital supports the acceleration of digital commerce and financial inclusion, fostering a more connected and efficient global economy, he stated. Damac Capital's investment strategies are driven by a vision to identify and support high-growth companies that are poised to lead in their respective industries ultimately contributing to a more dynamic and progressive global economy, he added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. ( Syndigate.info ). Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here . © ZAWYA 2024
DAMAC Group Investments
3 Investments
DAMAC Group has made 3 investments. Their latest investment was in Anthropic as part of their Corporate Minority - V on July 23, 2024.
DAMAC Group Investments Activity
Date | Round | Company | Amount | New? | Co-Investors | Sources |
|---|---|---|---|---|---|---|
7/23/2024 | Corporate Minority - V | Anthropic | $50M | Yes | 3 | |
Other Investors | ||||||
Other Investors |
Date | 7/23/2024 | ||
|---|---|---|---|
Round | Corporate Minority - V | Other Investors | Other Investors |
Company | Anthropic | ||
Amount | $50M | ||
New? | Yes | ||
Co-Investors | |||
Sources | 3 |
DAMAC Group Partners & Customers
1 Partners and customers
DAMAC Group has 1 strategic partners and customers. DAMAC Group recently partnered with Slipform Engineering, and Spencer Group on June 6, 2022.
Date | Type | Business Partner | Country | News Snippet | Sources |
|---|---|---|---|---|---|
6/10/2022 | Vendor | United Kingdom | Spencer Group and Slipform Engineering were selected by Damac to carry out the project following the successful delivery of a similar , 46m high facility to expand the company 's operations at the Port of Goole , in East Yorkshire . | 2 |
Date | 6/10/2022 |
|---|---|
Type | Vendor |
Business Partner | |
Country | United Kingdom |
News Snippet | Spencer Group and Slipform Engineering were selected by Damac to carry out the project following the successful delivery of a similar , 46m high facility to expand the company 's operations at the Port of Goole , in East Yorkshire . |
Sources | 2 |
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