Latest news with #DAMACGroup
Yahoo
21-04-2025
- Business
- Yahoo
UAE doubles down on crypto despite $5B token crash and regulatory heat
It's inevitable in the world of crypto: increased adoption leads to more risk. Last week, a token issued by a Hong Kong blockchain company backed by Abu Dhabi's Shorooq Partners plunged 90% in just a few hours, wiping out $5 billion in market value. The company had previously signed a $1 billion tokenization deal with Dubai property developer DAMAC Group. Around $250 million worth of the token was sold in the week leading up to the crash — Shorooq denied selling, news site AGBI reported. Just days earlier, Abu Dhabi regulators fined crypto platform Hayvn $12.5 million and banned its CEO for 'unlicensed financial services activity.' No client funds were lost. Still, the UAE remains bullish on the space. MGX — backed by Mubadala and AI firm G42 — recently invested $2 billion in the world's largest crypto exchange Binance. And Abu Dhabi-based DWF Labs disclosed a $25 million purchase of tokens tied to US President Donald Trump's crypto venture, becoming one of its biggest holders. Sign in to access your portfolio
Korea Herald
31-03-2025
- Business
- Korea Herald
EDGNEX Data Centers by DAMAC Confirms Strategic Partnership with Nordic Data Center Developer Hyperco
DUBAI, UAE, April 1, 2025 /PRNewswire/ -- EDGNEX Data Centers by DAMAC, the digital infrastructure platform of the Dubai-headquartered DAMAC Group, has confirmed the acquisition of Finland-founded data center company, Hyperco. Aligned with its vision to deliver next-generation, sustainable digital infrastructure globally, the move underscores the Group's commitment to strengthening its presence in the European market and contributing to the region's evolving data center landscape, creating new jobs and promoting economic development. Hyperco's operations are focused on Finland and Sweden, leveraging the Nordic region's sustainable energy resources, mature digital ecosystems, and high connectivity. All three Hyperco founders, together with the team, will continue to steer the company forward during the next growth phase. Hussain Sajwani, Founder of DAMAC Group said:"This acquisition aligns with our vision to develop strong partnerships, invest, and build scalable, world-class digital infrastructure. Hyperco brings a great team, deep market expertise, and a shared commitment to innovation, which will drive our success in the region. We plan to build a significant future capacity in the Nordics and establish a strong foothold in the market." Aleksi Taipale, Co-founder and CEO of Hyperco adds: "This marks an exciting new chapter for Hyperco. Joining forces with EDGNEX and DAMAC Group empowers us to accelerate our mission of delivering large-scale, sustainable data center infrastructure tailored for hyperscalers and AI-driven workloads. With our established footprint in Finland and Sweden, access to low-carbon energy, and focus on scalability, we are well-positioned to meet the growing digital demands of the region and beyond." Since its launch in 2021, EDGNEX has grown its presence globally. Backed by over 100+ seasoned professionals, the company is on track to deliver 55 MW in the Middle East by 2025, with a projected global capacity exceeding 3,000 MW. EDGNEX is targeting 300+ MW of operational capacity by 2026, supported by a robust investment pipeline of over $3 billion, including key Southeast Asian markets. EDGNEX's recent European activities include a €150 million joint venture in Greece with Public Power Corporation (PPC) to develop up to 25 MW and a €400 million commitment to build a 40 MW data center in Madrid, Spain. Earlier this year, EDGNEX also announced $20 billion of foreign investment in building state-of-the-art data centres in the USA. About EDGNEX
The National
27-03-2025
- General
- The National
DAMAC helps UAE needy during a month-long campaign of Ramadan community initiatives
Holy month distribution drive designed to improve lives of disadvantaged individuals and families This page was produced by The National in partnership with DAMAC Group. DAMAC Group has bolstered its commitment to community welfare this Ramadan by partnering with Emirates Red Crescent to provide 10,000 meals and 5,000 'Kiswat Al Eid' clothing kits. The global conglomerate's Ramadan community initiative is designed to improve the lives of disadvantaged individuals and families during the holy month and is a continuation of an established strategy to support those in need. The distribution campaign took place on March 20 at Fatima Bint Mubarak Ladies Sports Academy, Abu Dhabi, and on March 21 at Hazza bin Zayed Stadium, Al Ain, and was designed to ensure that beneficiaries received essential support in time for their forthcoming Eid celebrations. A UAE-founded group of companies thriving in diverse industries, DAMAC's month-long Ramadan community support initiatives reflect its dedication to giving back. The campaign also reinforces the group's belief in generosity and compassion - values that are deeply embedded in the spirit of Ramadan. Hussain Sajwani, founder of DAMAC Group, said that by working alongside Emirates Red Crescent Society, his organisation continued to play a role in supporting those in need across the nation. 'At DAMAC, we believe in the power of community and the importance of sharing our blessings,' said Mr Sajwani. 'Through our collaboration with the Emirates Red Crescent, we strive to bring relief and joy to families and children, reaffirming our responsibility to uplift and support those in need.' Hamoud Abdullah Al Junaibi, secretary general of Emirates Red Crescent, said the authority appreciated DAMAC's 'generous contributions' and its 'strong commitment to humanitarian efforts'. 'Ramadan is a time of giving and solidarity, and initiatives like these are crucial in ensuring that communities receive the support they need," Mr Al Junaibi said. Beyond this impactful initiative, the Hussain Sajwani - DAMAC Foundation has continued its philanthropic efforts during Ramadan by supporting key charitable organisations. These include Al Noor Training Centre for People of Determination, Tareq Centre for Autism and Rehabilitation, Dubai Club for People of Determination, Rashid Centre for People of Determination, and the Senses Residential and Day Care for Special Needs. In what has proved a very beneficial season for good causes, Ramadan has seen DAMAC Al Khair activated for the second consecutive year. This tangible programme of generosity has seen iftar meals distributed to construction site workers. Operated in partnership with Dubai Charity Association, this admirable effort ensures that those who contribute to the city's growth and ongoing development are included in the spirit of giving during a special time that touches many nationalities. Meal distribution sessions took place at two major locations in Dubai - in Muhaisinah and Bur Dubai - thereby offering essential nourishment to workers during their long fasting hours. This initiative remains hugely relevant to DAMAC Properties, which has been at the forefront of the Middle East's luxury real estate market since 2002 and is a major employer shaping the UAE.
Emirates 24/7
22-02-2025
- Sport
- Emirates 24/7
Hamdan bin Mohammed attends second day of DUBAI GAMES 2025
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, attended part of the thrilling competitions on the second day of the sixth edition of DUBAI GAMES. Held at the Dubai Festival City, this year's event features 244 teams from around the world, making it the most expansive edition yet. DP World is the official partner of the tournament, while DAMAC Group and Emarat are the diamond partners. Organised in collaboration with the Dubai Sports Council, the tournament runs until 23 February. His Highness Sheikh Hamdan bin Mohammed said: 'Dubai continues to set an inspiring example for an active and health-conscious society that embraces sports as a way of life. We remain dedicated to fostering a culture where sports and an active lifestyle are deeply embedded in everyday life, constantly fostering the community's well-being.' The second day of the championship saw extraordinary performances in the Battle of the Government for Men, culminating in four teams securing their spots in the grand final on Sunday, 23 February. Abu Dhabi Police led with 121 points, followed by the Department of Land and Real Estate Regulation - Ajman with 113.74 points. The Ministry of Defence secured third place with 113.63 points, while Dubai State Security claimed the final qualification spot with 112.19 points. Excitement is building for an electrifying final showdown. The day also featured the first round of the Battle of the Cities, significantly expanded this year to include 50 teams from across the world. Participating countries include the UAE, Bahrain, Kuwait, Denmark, Australia, Norway, the United Kingdom, the United States, Spain, Italy, Germany, Russia, Poland, the Czech Republic, the Netherlands, France, Portugal, and others. Day 3 promises even more excitement with the continuation of the Battle of the Cities and the launch of the Battle of the Community, continuing the high-energy performances showcased over the past two days. Now in its sixth edition, DUBAI GAMES continues to receive strong support from prominent public and private sector partners, further solidifying its status as one of the world's leading team-based sporting events. This year's partners include DP World as the Official Partner, DAMAC Group, Emirates General Petroleum Corporation (Emarat) as Diamond Partners, and the Dubai Electricity and Water Authority (DEWA), First Abu Dhabi Bank, and M42 as Gold Sponsors. C4 serves as the Bronze Sponsor, with Dubai Festival City as the official venue partner, Al Futtaim Automotive as a supporting partner, Emirates Integrated Telecommunications Company (du) as telecommunication partner, and Dubai Media Incorporated and Arabian Radio Network as media partners. Other sponsors include Adidas, Viya, and Mai Dubai. DUBAI GAMES 2025 features 244 teams across various categories, including 84 teams in the Battle of the Government – Men; 26 teams in the Battle of the Government – Women; 28 teams in the Battle of the Community and 50 teams in the Battle of the Cities, in addition to 56 teams that participated in the Battle of Juniors held in DAMAC HILLS on 8 February. The main championship runs from 20 to 23 February at Dubai Festival City with the total prize pool exceeding AED3.1 million. With its new identity, DUBAI GAMES serves as an inspiring platform to encourage future generations to adopt an active lifestyle that embodies the core values of renewal, ambition, and resilience – reflecting the vibrant spirit of Dubai. For more information on the sixth edition of DUBAI GAMES, follow @DubaiGames on Instagram, TikTok, X, and YouTube. Follow Emirates 24|7 on Google News.
Hi Dubai
20-02-2025
- Sport
- Hi Dubai
Dubai Games 2025 Kicks Off with Thrilling Burj Challenge
Dubai reaffirmed its status as a premier global sporting hub with the exhilarating Burj Challenge, a prelude to the highly anticipated DUBAI GAMES 2025. The event saw 50 international teams scale the iconic Burj Khalifa, competing for crucial points in the Battle of the Cities category. Teams from across the world demonstrated exceptional endurance and resilience, racing up 160 floors while carrying weighted vests—10 kg for men and 7 kg for women. The top three teams, Colorado (USA), Oviedo (Spain), and Kutná Hora (Czech Republic), emerged victorious with impressive times of 31:13, 31:43, and 31:48 minutes, respectively. DUBAI GAMES 2025 has attracted a record number of participants from five continents, with teams representing cities such as Abu Dhabi, London, Paris, Moscow, Seoul, and Cape Town. This global representation highlights Dubai's growing influence in the international sports arena. Marwan bin Essa, Director of DUBAI GAMES, emphasized the significance of the event: 'The Burj Challenge embodies determination and ambition. The overwhelming international participation reaffirms DUBAI GAMES' status as a premier global competition.' Now in its sixth edition, DUBAI GAMES continues to expand with strong backing from major partners, including DP World, DAMAC Group, Emarat, and DEWA. The main championship, featuring 244 teams across multiple categories, will run from 20 to 23 February at Dubai Festival City, boasting a total prize pool exceeding AED3.1 million. With its refreshed identity, DUBAI GAMES aims to inspire younger generations towards an active lifestyle, reinforcing Dubai's commitment to excellence in sports and fitness. Follow @DubaiGames on social media for updates on the tournament. News Source: Dubai Media Office
