According to a study by PwC, artificial intelligence is projected to contribute up to $15.7 trillion to the global economy by 2030.

Aligning with this transformation, UAE-based conglomerate DAMAC Group has announced increased investments in AI, including partnerships with xAI, the AI startup co-founded by Elon Musk, and Mistral, the France-based AI company developing one of Europe’s largest open-source large language models (LLMs).

Also, the group has invested $50 million into the AI startup Anthropic. These decisions align with DAMAC Group’s strategic objective to foster and advance AI technologies and infrastructure.

Hussain Sajwani, Founder of DAMAC Group, said the organization recognizes AI’s transformative potential in shaping the future. 

“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.”

The group has invested over 70 funds across various strategies, emphasizing AI to bolster its role in advancing foundational AI models and infrastructure. These efforts also aim to forge new strategic partnerships and collaborations.

Sajwani emphasized that investments in companies like Mistral, Anthropic, and xAI underscore the company’s commitment to fostering innovation and propelling the next wave of technological advancements.

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