Real estate giant DAMAC explores investment opportunities


The Ghana Investment Promotion Centre (GIPC) Chief Executive Officer, Yofi Grant, has hosted DAMAC Chairman and founder/owner, Hussain Sajwani, who was in Ghana to engage in discussions on specific investment prospects.

Mr. Sajwani, together with Mr. Grant, held a series of meetings with key sector players to discuss DAMAC’s keen interest in investing in the country’s technology, hospitality, construction and mining sectors.

The highlight of the business visit was a courtesy call to the Presidency, where DAMAC’s Chairman disclosed to President Nana Akufo-Addo his company’s aspirations and plans to invest in Ghana. There, the President expressed his appreciation for the visit and reiterated Ghana’s openness and readiness to work with the private sector in various sectors to transform and build a stronger modern country. He called for increased investments and smart collaboration between local and international partners to optimise Ghana’s abundant resources and opportunities for mutual benefit.

Mr. Sajwani and Mr. Grant also met with the Minister of Communications, Ursula Owusu, and the Minister for Works and Housing, Francis Asenso Boakye, to have talks on DAMAC’s interest in investing in a number of projects in their respective sectors.

Opening the discussion on DAMAC’s future in Ghana, Hussain Sajwani, Chairman of DAMAC, stated that his business saw Ghana as an ideal location in Africa to spread its footprints. He stated that his company is keenly interested in pursuing a variety of real estate and hospitality projects, as well as building capacity to cater for hyper-expansion and up-scaling to enhance the nation’s ICT infrastructure.

“This engagement is another wonderful step toward deepening our economic partnerships with Ghana,” he stated to the group as he emphasised on partnerships and job creation potential for the Ghanaian youth.

According to the Minister of Communication, DAMAC’s intention to engage in Ghana’s ICT industry is great news considering the UAE’s progress in technology adoption. She highlighted that Ghana has been pursuing an ambitious digitalisation strategy in recent years, and that collaboration with experienced corporations like DAMAC helps speed the digital transformation. DAMAC, in recent times, apart from a global presence in high-end buildings, has become a major player in building up-scale Datacentres in a number of countries. “Ghana and the UAE share a common vision for the future of technology, and I’m delighted we decided to hold this meeting.”

Mr. Grant described DAMAC’s visit as rewarding, saying: “This is the result of several talks and engagements, including the President’s visit and engagement in Dubai during the Expo 2020 in March this year to develop the appropriate connection with DAMAC, and to have them begin investments in Ghana will be one of our great triumphs. It is now critical that we facilitate and make the process come to fruition.” He also stated that the centre will continue to pursue investments and create an enabling environment for investors seeking to establish themselves in Ghana.

Concerning real estate developments, Mr. Asenso Boakye stated: “With a developer like DAMAC, we can undertake some very auspiciously meaningful work in Ghana’s housing area that will not only help bridge the housing deficit gap, but also create jobs so that everyone benefits”.

DAMAC Group is a leading Middle Eastern real estate developer that has shaped the region’s luxury real estate market since the 1980s, creating landmark residential, commercial and leisure projects throughout the region and internationally.

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