Dubai’s Damac Group is exploring data centre and technology-related investment opportunities worth €1 billion ($991m) in Germany to boost its portfolio.
The company is currently “on a fact-finding mission in Germany to research the market and possibly identify mutually beneficial partners” for investment, it said on Tuesday.
Damac Group, the parent company of Damac Properties, entered the data centre business last year, with the launch of Edgnex, a global digital infrastructure provider that identifies and invests in the next digital hubs.
The company said it would accept certain cryptocurrencies for property transactions as part of efforts to offer more flexibility to investors and set up D-Labs to build digital cities in the metaverse.
The metaverse is the emerging digital space in which people, represented by avatars or three-dimensional likenesses, can interact in virtual worlds.
It is part of Web3, which is being touted as the next iteration of the World Wide Web, with blockchain, decentralisation, openness and greater user utility among its core components.
“It's a very interesting time now in Germany, especially for future-oriented industries and the country has a lot of opportunities in sectors such as data centres,” said Hussain Sajwani, chairman of the Damac Group. “I see a lot of opportunity and potential, especially in eastern Germany that I would like to explore and learn more.”
Apart from property, Damac Group has a diverse portfolio including capital markets, data centres, hospitality, fashion and retail.
The company this year acquired top Swiss jeweller de Grisogono for an undisclosed amount. It also bought Italian fashion powerhouse Roberto Cavalli in 2019.
“We are keen on diversifying our portfolio, especially when it comes to futuristic endeavours, so that we stay ahead of the curve,” Mr Sajwani said.
Damac is also investing in expanding its presence internationally. It entered a joint venture in Denmark to build single-family residential developments in Scandinavian countries.
The company’s other international projects include the 50-storey Damac Towers Nine Elms, a flagship project in central London with Versace interiors.
Damac is also developing a new project in Toronto in a partnership with Canadian developer Marlin Spring and has recently acquired sea-facing land in the upmarket neighbourhood of Surfside in Miami, Florida to build a Cavalli-branded tower.
It has collaborated with a number of brands in its property development including Paramount, Radisson, Rotana, the Trump Organisation, Fendi Casa and Versace Home.
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The National selections
Al Ain
5pm: Bolereau
5.30pm: Rich And Famous
6pm: Duc De Faust
6.30pm: Al Thoura
7pm: AF Arrab
7.30pm: Al Jazi
8pm: Futoon
Jebel Ali
1.45pm: AF Kal Noor
2.15pm: Galaxy Road
2.45pm: Dark Thunder
3.15pm: Inverleigh
3.45pm: Bawaasil
4.15pm: Initial
4.45pm: Tafaakhor
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
