Damac Group Expands AI Investments Following Data Center Success
Damac, the Dubai-based property developer, is significantly investing in technology, focusing on Artificial Intelligence (AI) after its recent venture into high-tech data centers.
Tech companies and dual nationals who earn money in Pakistan, such as from rental income, will now be taxed. If Pakistan signs a double taxation agreement with another country, foreign nationals will only pay tax in one of the two countries. However, any business presence in Pakistan will make them liable for tax.
Hussain Sajwani, Damac’s founder, expressed excitement about contributing to the AI industry, highlighting their commitment to supporting groundbreaking technologies. Sajwani has a history of tech investments, dating back to the late 1990s and early 2000s.
Despite its focus on AI, Damac remains active in real estate. The company continues to launch new properties in Dubai, confident that the market can support additional developments.
Sajwani believes that AI offers substantial opportunities for innovation and economic growth. UAE and Gulf wealth funds are increasingly investing in AI, with private sector businesses and family offices also joining in.
Forecasts suggest that China and North America will see the largest economic benefits from AI, with China expected to boost its GDP by 26% and North America by 14.5%, together accounting for nearly 70% of the global economic impact, estimated at $10.7 trillion.
