Dubai-based DAMAC Group is looking for opportunities to make €1 billion ($990 million) worth of investments in Germany, as part of its strategy to strengthen its presence in Europe and further diversify its portfolio.

The multibillion-dollar investment arm of UAE billionaire Hussain Sajwani is currently on a "fact-finding mission" in the European state to identify "mutually beneficial partners", the company said in a statement on Tuesday.

DAMAC Group is interested in investment opportunities related to data centres and technology. It is looking at areas like the eastern part of Germany.

"It's a very interesting time now in Germany, especially for future-oriented industries and the country has a lot of opportunities in sectors such as data centres. I see a lot of opportunity and potential, especially in Eastern Germany," said Sajwani, DAMAC Group's chairman.

Sajwani said the company is keen on diversifying its portfolio, especially when it comes to "futuristic endeavours".

Early this year, Sajwani made his foray into the data centre market with the launch of his new business, Edgnex, a digital infrastructure provider. The UAE billionaire had said he would invest  $1 billion to establish a global network of data centres. 

Last May, DAMAC Group announced the acquisition of Swiss jewellery brand de Grisogono. Other acquisitions include Italian fashion house Roberto Cavalli, a luxury resort in Maldives, a Cavalli-branded condominium project in Miami and shopping malls in Iraq.

(Reporting by Cleofe Maceda; editing by Daniel Luiz)