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Press Release

DAMAC Group ups AI investments with stakes in Anthropic, xAI, and Mistral

Wed 10 Jul 2024

Business conglomerate, DAMAC Group, has announced a significant increase in its investments within the rapidly evolving artificial intelligence (AI) sector.

DAMAC Group has made investments in prominent AI companies, including a £38.9 million ($50 million) stake in the AI startup Anthropic, following its acquisition from the cryptocurrency exchange, FTX.

The Group has also invested in xAI, an American AI startup founded by Elon Musk, and Mistral, a France-based AI company recognised as a leading European open-source large-language model developer. This strategic move aligns with DAMAC Group’s vision to support and develop cutting-edge AI technologies and infrastructure.

Founder of DAMAC Group, Hussain Sajwanj said the Group recognises the transformative potential of AI 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,” added Sajwanj.

With this new focus on AI, the Group plans to further its role in advancing foundational AI models and infrastructure.These investments are anticipated to aid the development of advanced AI technologies that could improve labour productivity and enable new product enhancements.

DAMAC Group’s increased focus on AI and technological infrastructure is expected to support its existing portfolio and open opportunities for new strategic partnerships and collaborations. The Group aims to leverage advanced technologies to create value and promote sustainable growth.

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