DAMAC Group, a global leader in real estate development, data centers and other sectors, has announced its second significant investment in Thailand’s digital infrastructure.
Under the brand EDGNEX Data Center by DAMAC, the group plans to invest over $1 billion in a series of data center projects to meet the rising demands of advanced AI technology and data processing capabilities.
DAMAC announced a JV with PROEN Corp Public Company Ltd, a listed player in the Thailand technology landscape, the company said in a statement on Monday.
This strategic investment marks a major expansion of EDGNEX’s footprint in Thailand and aligns with its commitment to supporting digital transformation in the SEA region. EDGNEX will have a 70 percent stake in the JV and be responsible for data center operations.
A press conference was held to celebrate this milestone, featuring EDGNEX and PROEN Corp senior executives.
The press conference was honoured by the presence of Prasert Chantararuangthong, Deputy Prime Minister and Minister of Digital Economy and Society, who delivered a congratulatory speech and shared the government’s vision for investment in the digital business sector in Thailand.
“It is a remarkable opportunity to meet key figures in the technology and digital industry, who play vital roles in driving Thailand forward into the digital era. The Thai government recognises the importance of establishing a strong foundation for the digital infrastructure,” said Prasert Chantararuangthong.
“This investment will significantly enhance Thailand’s data processing capabilities, aligning with the growing trends in the digital industry and attracting investors from around the world. Furthermore, it will create valuable opportunities for Thai professionals seeking to advance in the digital business sector,” he said.
“We aim to support Thailand’s growing digital economy and provide the necessary infrastructure for the next generation of AI-driven businesses. With this announcement, we substantially commit to the Thailand market, outlining a pipeline of approximately 100 MW of future data center capacity,” said Hussain Sajwani, Founder of DAMAC Group.
“This announcement underscores the importance of investments like DAMAC’s to meet the increasing demand for digital infrastructure in Thailand and we look forward to bringing excellence and innovation to the market,” Kittipan Sri-bua-iam, CEO of PROEN Corp Public Company Ltd, said.
The joint venture will include a state-of-the-art data center project with a total potential capacity of 20 MW. The first phase, comprising 5 MW of capacity, is already scheduled to be operational in early 2025. This data center will be a carrier-neutral facility with Tier III uptime certification.
The joint venture is targeted to finalize and commence its business by this year, aligning with DAMAC’s expansion plan in the Asia-Pacific region, including new sales offices in Singapore and Beijing.
Over the last six months, EDGNEX, has also announced strategic land acquisitions and plans to build state-of-the-art facilities in key locations like Bangkok and Indonesia, supporting the region’s growing digital ecosystem.
The Asia-Pacific data center market is also projected to experience significant growth. The market size is estimated at 14.27 thousand MW in 2024 and is expected to reach 23.2 thousand MW by 2029, growing at a CAGR of 10.21 percent.
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