- An investment of more than $ 100 million is planned for D-Labs
- New initiative to offer whole group services including virtual homes, digital objects, digital apparel and digital jewelry
- Priority to all group companies and customers of DAMAC Properties
- Part of the ambitions to digitize the entire organization and transform a global digital brand
DUBAI, United Arab Emirates, April 26, 2022 / PRNewswire / – DAMAC Group, the UAE’s leading business conglomerate and parent company of global property development company DAMAC Properties, data center company Edgnex, jewelry de Grisogono and the fashion house Roberto Cavalli, announced its intention to enter the world of the metaverse and build its own digital cities. It is thus positioned as a pioneer in the GCC sector.
“To keep pace with the changing industry trends, we have expanded our offerings to the metaverse realm to take advantage of the many possibilities it presents. We want to be the first to take advantage of the possibilities offered by metaverse to strengthen the connection and engagement with our customers and their interests, ”he said. Hussain Sajwanifounded DAMAC.
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Under the “D-Lab” banner, the group will lead by Ali Sajwani, CEO of D-Labs and CEO of DAMAC. This initiative is part of the company’s ambitions to move digital assets and non-fungible tokens (NFTs). Ali Sajwani is on a mission to achieve the organization’s goal of becoming a leading global digital brand.
The group plans to invest up to $ 100 million for the project.
“Over the past two years, we have continued to renew our digitization efforts. This new metaverse entry initiative will only strengthen our digital footprint. In addition to updating our systems, processes and operations throughout the department, we have invested in building a strong team of qualified and talented experts to help us become digital leaders.We plan to continue this exercise and expand our team and our knowledge, ”Explained Ali Sajwani.
Since last year, the real estate arm group, DAMAC Properties, has been offering buyers a 3D virtual experience using virtual reality (VR) and augmented reality (AR). It’s a stepping stone into the realm of the metaverse: a digital universe composed of VR, AR, and extended reality (XR). The latter refers to “all the combined real and virtual environments and human-machine interactions generated by computer and clothing technology” where users can have a sense of “living” an experience.
Through this initiative, the DAMAC group hopes to expand its services to meet the needs of the entire group in terms of digital assets: from virtual homes, digital real estate or digital clothing, to digital jewelry, especially by sourcing from Swiss jeweler de Grisogono and Italian fashion labels Roberto Cavalli.
Digital experiences are also part of the offer, as guests can virtually indulge in the Mandarin Oriental Resort Bolidhuffaru, part of the group’s portfolio of hotels, resorts and serviced apartments.
DAMAC’s existing customers, in constant contact with its stakeholders, will be able to first invest in these digital assets once the plans are deployed.
The metaverse of business
The metaverse is known to be an asset for companies and their employees because it allows collaborations in a stimulating and more connected 3D environment, focusing on social connections. Some of the key benefits of metaverse adaptation include more engagement and customer retention, better connectivity and collaboration with stakeholders, resulting in more revenue.
A Market Research Future (MRF) study found that the metaverse market is worth $ 21.91 billion by 2020, a figure that is expected to grow to 41.7% by 2030. The report explains that the aggregation of the worlds is physical and digital, combined with the growing demand for the metaverse to buy digital assets using cryptocurrencies, will provide strong opportunities for the market during the forecast period.
Also, the demand for real estate in the metaverse is much higher. They are predicted to be one of the most popular attractions for investors in virtual space.