DAMAC Group of the United Arab Emirates plans to invest over 32 billion baht in Thailand.

DAMAC, a global digital infrastructure provider, has announced a significant investment in digital infrastructure, with a planned investment of over 32 billion baht with Thailand's Proen Corp. Mr. Prasert Chantararuangthong, Deputy Prime Minister and Minister of Digital Economy and Society, presided over the investment announcement between DAMAC Group of the United Arab Emirates, which established EDGNEX Data Centers to invest in Thailand, in a joint venture with PROEN Corp Public Company Limited, a leading technology company in Thailand. This collaboration is a major expansion of both companies' businesses in Thailand, in line with their commitment to support and develop digital in the Southeast Asian region. They will invest over 32 billion baht in the development project of advanced data centers, technology and AI, in which EDGNEX will hold a 70% stake in the joint venture and will be the leader responsible for data services, while PROEN Corp Public Company Limited will hold a 30% stake. Mr. Prasert sai d that Thailand is entering the digital era in full swing and the government has given great importance to developing digital infrastructure. This joint investment will be a good starting point for developing Thailand's digital sector to grow sustainably. Mr. Kittipan Sribua-iam, Chief Executive Officer of PROEN Corp Public Company Limited, said that he is very pleased to partner with EDGNEX by DAMAC, a leader in the data center business with a strong presence across Southeast Asia. This joint venture underscores the importance of expanding digital infrastructure to meet the growing demand and aims to bring excellence and innovation to the market. The joint venture will include a state-of-the-art data center project with a total capacity of 20 MW, with the first phase having a capacity of 5 MW and scheduled to be operational in early 2025. This data center will be a carrier-neutral facility with Tier III standard support, which is reliable and supports global customer service. It will start operations this y ear and the data center market in the Asia Pacific region is expected to grow significantly. The market size is expected to be 14.27 thousand MW in 2024 and is expected to increase to 23.2 thousand MW in 2029, at a compound annual growth rate (CAGR) of 10.21%. Mr. Prasert also mentioned the news of online scams and direct selling investment scams that are currently big news and have caused a large number of victims. He also said that the ministry has set up an Anti Online Scam Operation Center (AOC) or the AOC hotline 1441 with over 100 lines to provide advice and solve online threats as a One Stop Service 24 hours a day to reduce the problem of online crimes in a tangible way. This center will be able to freeze the accounts of the scammers for the victims who were scammed immediately within 1 hour, follow up on the status of the problem solving for the victims at every step, expedite the refund to the victims, and increase the efficiency of arrests, prosecutions, and case expansion. Those who are interested or unsure about investing can inquire 24 hours a day. Source: Thai News Agency