Damac’s data centre unit makes foray into Nordic region

Edgnex, the data centre subsidiary of Dubai’s Damac Group, has acquired Finland-based data centre company Hyperco for an undisclosed sum. 

Hyperco mainly focuses on Finland and Sweden, using the Nordic region’s sustainable energy resources and high connectivity. The company’s three founders and existing team will continue to lead operations.

Hussain Sajwani, founder of Damac, said the company aims to build a significant future capacity in the Nordics and establish a foothold in the market.

The acquisition adds to Edgnex’s growing European presence. Its projects include a €150 million joint venture in Greece with Public Power Corporation to develop up to 25 megawatts of capacity and a €400 million investment in a 40MW data centre in Madrid, Spain.

Earlier this year, the company announced $20 billion of foreign investment in building data centres in the US as part of its global expansion drive.

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In December 2024 it said it planned to invest $3 billion across southeast Asia over the next three to five years. 

Damac, primarily a real estate developer, has diversified into technology and operates two data centres in Riyadh and Dammam.

Data centre capacity is forecast to more than double by 2025 in Saudi Arabia, the UAE and Egypt, according to US real estate consultancy CBRE.