The Chairman Of Dubai’s Largest Private Real Estate Company Believes The IT Sector Has A Bright Future And Describes Data Centers. As An Advancement Of The Real Estate Industry That Uses MEP Engineering And More Advanced Technologies.
According to the company’s chief executive, DAMAC Group sees a promising future for information technology. In addition, wants to invest $1 billion in the data center sector across the Middle East, Asia, and Africa.
The chairperson of the DAMAC Group, Hussain Sajwani, stated that his organization is prepared to investigate investments in the IT industry. In order to meet the region’s growing demand from clients who are tech-savvy.
In an interview with Khaleej Times on Saturday, Sajwani said, “We’re putting $600 million into Saudi Arabia as only part of our $1 billion data center construction strategy. That seeks to serve rising demand across Africa, Asia, and the Middle East.”
We established DAMAC Data Centres to provide data Centre facilities to underserved and ignored markets. We embrace the Saudi Vision 2030 and its approach to increasing local development and progress, he said.
DAMAC has expanded its data Centre rollouts in response to increased local and international customer demand. Customers are finalizing arrangements to secure all available capacity in these facilities. Along with deals expected to close by the end of 2023.
Our goal is to build data centre facilities in regions where fresh investments in digital infrastructure may have the greatest impact on local economies, businesses, and end users, he explained.
Data Centres Start Online In 2023
In response to a query, he stated that before the end of 2023, Riyadh and Dammam facilities for DAMAC Data Centre would become operational.
“In Saudi Arabia, 20 megawatts of IT capacity are now being built. We declared a further 35 megawatts at Leap 2023,” he stated.
In the 4th quarter of 2023 and the first quarter of 2024, respectively, each of the two plants will begin operations with a five-megawatt IT capacity. By 2025, “both sites will provide a full 55 megawatts of IT capacity,” he declared.
No Change in the Business’s Emphasis
Sajwani debunked the notion that DAMAC’s $1 billion investment in the construction of data Centres signals a shift in the company’s commercial focus from real estate to the IT industry.
The chairman stated that the group’s plan to diversify its operations includes investing in data centre expansion.
This indicates that we are expanding outside of the real estate. With our business now including hospitality, logistics, fashion and retail, as well as capital markets. We are already far along in this trip, he claimed.
Why Spend Money On Data Centres
Additionally, according to the chairman of the DAMAC Group, data centres are an advancement in the real estate industry. That uses MEP engineering and more advanced technologies.
It meshes well with the foundation of our primary industry, property development. We want the group’s profit from data centres to be between 20 and 30 per cent,” he stated.
DAMAC is currently going through a digital transformation period, therefore we are continuously seeking new, cutting-edge, and technologically advanced industries, sectors, and investments to add to our portfolio, he said.
Positive Future For IT
Sajwani thinks the IT industry has a bright future since it is developing quickly to meet the increasing demand from the tech-savvy population throughout the world.
It is no secret, he claimed, that the IT industry has only had consistent growth and has been. That will continue to be the direction of the future.
Technology is developing at an extraordinarily fast and innovative rate, from AI to the metaverse to ChatGPT right now. Because technology is where our present and future are, businesses are wisely investing in it, he said.
In response to a query, he stated that Saudi Arabia has a young, tech-savvy populace and a lot to contribute in terms of digital innovation and smart cities.
“We are eager to assist in the development of its digital economy. Additionally, the kingdom occupies a special place in the Mena region. It is the best starting place for connections across Africa and the GCC. Since its boundaries touch more nations than any other does, he said.
We want to provide local diversity and quick access to subsea cable systems that meet regional and international needs through our facilities, he continued.