Over $100 Million Investment Planned for D-Labs
New initiative to offer group-wide services including virtual homes, digital goods, digital clothing and digital jewelry
Priority for all group companies and customers of DAMAC Properties
Part of the organisation-wide digitization ambitions and transformation to a global digital brand
DUBAI, United Arab Emirates, Apr. 26, 2022 /PRNewswire/ — DAMAC Group, the leading business conglomerate in the United Arab Emirates and parent company of global real estate development firm DAMAC Properties, data center company Edgnex, the Grisogono luxury jewelry and fashion house Roberto Cavallic, announces 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 align with progressive industry trends, we are expanding our offering into the metaverse realm to take advantage of the many opportunities it offers. We want to be the first to harness the capabilities of the metaverse to enhance the connection and engagement with strengthen our customers and their interests”, says Hussain Sajwanicfounder of DAMAC.
Under the banner of “D-Lab” the group will be led by Ali Sajwanic, CEO of D-Labs and CEO of DAMAC. This initiative is part of the company’s ambitions to move towards digital assets and non-fungible tokens (NFTs). Ali Sajwanic is on a mission to achieve the organization’s goal of being a leading global digital brand.
The group plans to invest up to $100 million in the project.
“Over the past two years, we have continuously renewed our digitization efforts. This new initiative for metaverse entry will only strengthen our digital footprint. In addition to updating our systems, processes and operations across departments, we have invested in building a strong team of qualified and talented experts to help us become a digital leader. We intend to continue this exercise and expand our team and know-how,” explains Ali Sajwanic†
Since last year, the group’s real estate arm, DAMAC Properties, has been offering buyers a 3D virtual experience using virtual reality (VR) and augmented reality (AR). It is a stepping stone into the realm of the metaverse: a digital universe made up 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 technology and clothing” where users can have the feeling of “living” an experience.
With this initiative, the DAMAC group hopes to expand its services to meet the needs of the entire group in the field of digital assets: from virtual homes, digital real estate or digital clothing to digital jewelry, in particular through the acquisition of the Swiss jeweler de Grisogono and Italian fashion brand Roberto Cavallic†
Digital experiences are also part of the offering as guests can virtually enjoy the Mandarin Oriental Resort Bolidhuffaru, which is part of the group’s portfolio of hotels, resorts and serviced apartments.
Existing DAMAC customers, always engaged with its stakeholders, will be able to invest in these digital assets first once the plans are implemented.
The metaverse in business
The metaverse is known as an asset to companies and their employees because it enables collaborations in a stimulating and extremely connected 3D environment, which focuses on social connections. Some of the key benefits of adapting to the metaverse are increased customer engagement and retention, better connectivity, and collaboration with stakeholders, resulting in increased revenue.
A Market Research Future (MRF) survey found that the metaverse market was worth $21.91 billion in 2020, a figure expected to grow by 41.7% by 2030. The report explains that the convergence of the physical and digital world, coupled with the growing need for metaverse to buy digital assets using cryptocurrencies, will provide strong opportunities for the market during the forecast period.
The demand for real estate in the metaverse is also particularly high. They are predicted to be one of the most popular attractions for investors in the virtual space.
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