The DAMAC Group, a leading UAE-based business conglomerate that owns global property developer DAMAC Properties, data center firm Edgenex, luxury jeweler de-Grisogono, and fashion house Roberto Cavalli, has announced plans to enter the metaverse and build its own digital cities, making it one of the first in the GCC to do so.
In an effort to keep up with the latest business trends, we’re expanding our offerings into the metaverse to take advantage of the many opportunities it offers. DAMAC’s founder, Hussain Sajwani, stated, “We are eager to pioneer the possibilities that the metaverse offers in ways that allow us to be more connected and active with our consumers and their interests.”
The company will be known as ‘D-Labs,’ and will be overseen by Ali Sajwani, D-Labs’ Chief Executive Officer and DAMAC General Manager. The project is part of the company’s larger plans to move into digital assets and non-fungible tokens (NFT), and he is responsible for achieving the company’s aim of becoming a top global digital brand.
DAMAC Properties, the Group’s real estate business, has been offering home buyers a 3D virtual experience using virtual reality (VR) and augmented reality (AR) technology since last year. This is a stepping stone into the metaverse, which is a digital universe made up of virtual reality (VR), augmented reality (AR), and extended reality (XR), which refers to “all real-and virtual combined environments and human-machine interactions generated by computer technology and wearables,” where users can get the feeling of “living” an experience.
Through its acquisitions, the DAMAC Group intends to expand its services to meet the demands of the entire Group when it comes to digital assets, which include virtual residences, digital property, as well as digital wearables and digital jewelry.
Digital experiences are also part of the package, with guests getting a virtual tour of the Mandarin Oriental Resort Bolidhuffaru, which is part of the Group’s portfolio of hotels, resorts, and serviced apartments.
Existing DAMAC clients will be prioritized in investing in these digital assets after plans have been put out, as part of the company’s commitment to its stakeholders.