Dubai billionaire Hussain Sajwani’s Edgnex Data Centers has formed a joint venture with European utility PPC Group to establish and operate a data centre in Greece with an initial investment of EUR 150 million ($157.3 million).

A unit of UAE conglomerate Damac Group, Edgnex and PPC will set up a 12.5-megawatt facility in Spata Greece, with the prospect of expanding to 25 megawatts. The investment is part of the Dubai-based company's strategy to tap into the growing cloud computing market.

The JV called Data In Scale (DIS), where Damac owns a 55% stake and PPC owns 45%, will start working on the Greek facility in the first quarter of 2025 and aim to complete the first phase in two years.

“This partnership with PPC reflects our shared vision of creating a world-class data centre that caters to the diverse and evolving demands of today’s digital economy,” said Sajwani.

Sajwani’s company, which primarily deals in real estate, has been diversifying its portfolio. Its subsidiary Edgnex has plans to invest in digital infrastructure globally, including a $1 billion investment in Thailand and a EUR 400 million project in Spain.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com