Dubai billionaire invests nearly $1 billion in Thai data center

Damac Group, controlled by Dubai billionaire Hussain Sajwani, plans to invest 32 billion baht ($962 million) in data centers in Thailand amid growing demand for artificial intelligence (AI) services.

Hussain Sajwani, chairman of Damac Group, at the World Economic Forum in Davos, Switzerland in 2023. Photo: Stefan Wermuth

In a statement released Tuesday, the company said its Edgnex unit will take a 70% stake in the joint venture that will control the first data center.

“We look forward to supporting Thailand’s growing digital economy and providing the necessary infrastructure for next-generation AI-based businesses,” Damac Group founder Sajwani said in a statement.

“With this announcement, we are strongly committed to the Thai market, outlining a roadmap with a future capacity of around 100 MW [megawatts] for data centers,” he said.

The first phase will be a 20-megawatt data center, with the first 5 megawatts coming online in early 2025. The joint venture is expected to start commercial operations later this year.

The company has also expanded into other markets in the region beyond Thailand. In May, it announced plans to build a 15-megawatt data center in Jakarta, with the first phase expected to be completed in the fourth quarter of 2025. However, the investment value for this project has not been disclosed.

Thailand has emerged as one of the top destinations for data center investment in Southeast Asia. Last month, Alphabet, Google’s parent company, announced it would invest $1 billion to boost its cloud computing and data center capabilities in Thailand.

Mr. Sajwani, with a net worth of $5.1 billion according to Forbes, is currently the chairman of Damac Properties, a luxury real estate development company based in Dubai that he founded in 2002. He initially found success in the catering industry, serving the U.S. military and construction giant Bechtel. In 2001, after Dubai allowed foreigners to own real estate, Mr. Sajwani moved into real estate and quickly sold out the apartments in a residential building.

Dung Phan (According to Forbes)

Source: https://www.congluan.vn/ty-phu-dubai-rot-gan-1-ty-usd-vao-trung-tam-du-lieu-thai-lan-post317348.html