DAMAC Invests in AI Firms Anthropic, xAI, and Mistral

Dubai-based conglomerate DAMAC Group has increased its investment in the artificial intelligence (AI) sector. The Group has invested $50 million in AI startup Anthropic, following its acquisition from the cryptocurrency exchange FTX.

Additionally, DAMAC has invested in xAI, an American AI startup founded by Elon Musk, and Mistral, a French AI company known for its open-source large-language models.

DAMAC Group's family office has investments in over 70 funds across various sectors. The focus on AI is intended to enhance DAMAC's involvement in developing AI models and infrastructure.

A PwC study indicates that AI could contribute up to $15.7 trillion to the global economy by 2030, with significant gains expected in China and North America.

DAMAC Group, led by UAE-based Hussain Sajwani, has investments in real estate, capital markets, hotels, manufacturing, catering, fashion, and data centers. Its ventures include DAMAC Properties, the acquisition of Italian fashion house Roberto Cavalli, the luxury Swiss jewelry brand de GRISOGONO, and plans for data centers through EDGNEX Data Centres by DAMAC.

DAMAC Group has a global presence in North America, Europe, Asia, the Middle East, and Africa.