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Damac ramps up AI investments in Thailand: Dubai-based conglomerate Damac Group will invest some USD 1 bn in data centers in Thailand through its unit Edgnex, Bloomberg reports, citing a company statement. The company first telegraphed the move back in June.
The details: The investment will be funneled into three to four data center projects, which Edgnex will carry out through a joint venture with Thai data service provider Proen Corp. The first of the data centers is slated to go online in downtown Bangkok by March 2025, launching with an initial capacity of 5 MW, with plans to expand to 20 MW.
Driving the investment: Damac sees growing demand for data center capacity after the Thai government beefed up digital economy initiatives. “As the demand is cooking up and growing, we will be looking to launch [AI infrastructure in the region] — it’s a gradual process,” Damac founder Hussain Sajwani told the business information service.
Damac has more planned for Thailand: It has pipeline of some 100 MW of future data center capacity, Sajwani said, adding that potential clients could include hyperscalers, AI-related businesses, and government agencies. Damac also plans to invest in high-end residential projects in Thailand.
Data centers have been on Damac’s radar: The conglomerate said in June that it plans to invest USD 1 bn in data centers through Edgnex over the next few years in response to the global demand for digital infrastructure. Sticking to its promise, the company officially earmarked the amount a month later in July.
Edgnex has been busy: Edgnex is investing some USD 600 mn in data centers in Saudi Arabia, split between Dammam and Riyadh, slated to go online next year. It also signed an MoU with Salam, Cinturion, and Jeddah’s Emaar, the Economic City to develop a digital infrastructure hub in the city. The company also earmarked USD 100 mn alongside telecoms operator Vodafone Turkey to establish a new 6 MW data center in Izmir, Turkey, also set to go online next year.
