DAMAC Group Announces Major AI Investments, Fuels Innovation Drive

DAMAC Group Announces Major AI Investments, Fuels Innovation Drive

By Staff Writer, 09 July 2024

DAMAC Group, a leading conglomerate known for its diverse investment portfolio, has announced a significant increase in its investment in the rapidly evolving Artificial Intelligence (AI) sector.

DAMAC Group announced notable investments in leading AI companies including a $50 million in the AI startup, Anthropic – as one of the top investors who have bought into the company from the cryptocurrency exchange, FTX. The Group has also made investments in xAI – an American AI startup founded by Elon Musk and in Mistral – a France-based AI company which is one of the best European large-language model open source. This strategic move aligns with the Group's vision to support and develop cutting-edge AI technologies and infrastructure.

The DAMAC Group's diversified family office has already invested in over 70 funds across various strategies, demonstrating its commitment to fostering innovation and growth across multiple industries. With this new focus on AI, the Group aims to further enhance its role in advancing foundational AI models and infrastructure.

"As a forward-thinking organisation, we recognise the transformative potential of AI in shaping the future," said Hussain Sajwani, Founder of DAMAC Group. "Our increased investment in AI reflects our commitment to supporting the development of groundbreaking technologies that can drive significant progress and create new opportunities across various sectors."

"We are excited to be part of the AI revolution and to contribute to the growth of this dynamic industry," added Sajwani. "Our investments in companies like Mistral, Anthropic, and xAI underscore our dedication to fostering innovation and driving the next wave of technological advancements."

A study by PwC underscores the immense potential of AI to transform the productivity and GDP potential of the global economy. AI could contribute up to $15.7 trillion to the global economy by 2030. Initial GDP gains will be driven by improvements in labour productivity as firms augment their workforce with AI technologies and automate certain tasks and roles. By 2030, 45% of total economic gains will come from product enhancements, stimulating consumer demand through greater product variety, increased personalisation, and enhanced affordability.

The greatest economic gains from AI will be seen in China, with a 26% boost to GDP, and in North America, with a 14.5% boost. Together, these regions will account for almost 70% of the global economic impact, equivalent to a total of $10.7 trillion.

DAMAC Group's increased focus on AI and technological infrastructure is expected to bolster 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.


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