Dubai developer DAMAC Group said it was exploring investment opportunities in Germany, willing to splurge up to a billion euros ($993 million).
Its chairman, Emirati billionaire Hussain Sajwani, said his firm is on a “fact-finding mission” in the European nation to identify potential deals, with a particular interest in data centres and tech-related opportunities.
“I see a lot of opportunity and potential, especially in Eastern Germany that I would like to explore and learn more,” he said in a statement.
The move is part of DAMAC’s intention to expand its European presence, having previously entered a joint venture in Denmark to build single family residential developments across Scandinavian countries. It has also entered other real estate deals in North America.
“DAMAC has been a respected and recognisable name in the Middle East for quite some time, but in the past few years we have been making waves globally, with projects in Europe, Canada and the US,” Sajwani said.
DAMAC is most commonly known for developing prime property projects in the UAE, but in recent years has diversified its portfolio to include investments in capital markets, hospitality, retail, and technology.
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