UAE HEADQUARTERED EDGNEX DATA CENTERS BY DAMAC ANNOUNCES STRATEGIC JV WITH THAILAND BASED GROUP, PROEN Corp

Bangkok, Thailand October 14, 2024 : EDGNEX Data Centers by DAMAC, a global digital infrastructure provider, has announced its second significant investment in Thailand’s digital infrastructure. EDGNEX plans to invest over 32 billion Baht (1 billion USD) in a series of data center projects to meet the rising demands of advanced AI technology and data processing capabilities. EDGNEX is owned by DAMAC Group, a global leader in real estate development, data centers and other sectors.

EDGNEX announced a JV with PROEN Corp Public Company Limited, a prominent listed player in the Thailand technology landscape. This strategic investment marks a major expansion of the company’s footprint in Thailand and aligns with its commitment to supporting digital transformation in the Southeast Asia (SEA) region. EDGNEX will have a 70% stake in the JV and be responsible for data center operations. The event was honored by the presence of H.E. 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.

“I am honored to be part of this event to congratulate the joint venture between these two corporations. 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 recognizes the importance of establishing a strong foundation for the digital infrastructure. We have policies that support all aspects of the digital industry’s growth, from fundamental infrastructure and human resource development to fostering digital business.

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.

I extend my deepest gratitude and congratulations to EDGNEX for recognizing Thailand’s potential and choosing it for this investment. I believe this joint venture marks the beginning of a long-term development for Thailand’s digital industry,” said H.E. Prasert Chantararuangthong.

“We are excited to expand our investment further into SEA and specifically into Thailand, a country that has shown immense potential for growth in digital innovation and smart technologies,” said* Hussain Sajwani, Founder of DAMAC Group. *“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.”

Kittipan Sri-bua-iam, CEO of PROEN Corp Public Company Limited, said: “We are very excited about this partnership with EDGNEX Data Centers by DAMAC which is increasingly becoming a key player in the data center business with a solid footprint across SEA. This announcement underscores the importance of investments in the sector to meet Thailand’s increasing demand for digital infrastructure. We look forward to bringing excellence and innovation to the market.”

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, providing world-class reliability and resilience for its clients. The joint venture is targeted to finalize and commence its business by this year.

An exclusive press conference was held to celebrate this milestone, featuring EDGNEX and PROEN Corp senior executives.

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%.

DAMAC Group has partnered with PROEN through Caesor Data Center and Cloud Services Co., Ltd. a joint venture (JV) between Magma Holding Company Limited and PROEN Corp Public Company Limited. Magma Holding is majority-owned by the founders of DAMAC Group, a global leader in real estate development and data center services.