The group plans to invest up to $ 100 million in “D-Labs“
Launching a new initiative to offer a variety of services across the group, including virtual homes, digital real estate, digital clothing devices and digital jewelry
Giving priority to clients of group companies as well as clients of DAMAC Properties
The project represents part of the group’s ambitions to enter the digital world on a large scale and transform it into a global digital brand.
Dubai, United Arab Emirates,DAMAC Group, headquartered in the UAE, announced that it is the parent company of Damac Properties, the world’s leading real estate developer, Ignex data center company, luxury jewelry house De Grisogono and world famous fashion house Roberto Cavalli. plans to enter the world of metavers and invest in it and build its own digital cities, to become one of the most prominent companies investing in this digital space at the level of Gulf Cooperation Council countries.
On this occasion, Hussain Sajwani, founder of DAMAC Group, said: “We continue our efforts to take advantage of the most prominent opportunities in the business sector, so we look forward to investing in the world of ‘Metaverse’ and taking advantage of the opportunities in horizon We also tend to be proactive in this new world by finding innovative ways to help strengthen our relationships and communication with our customers, thus contributing to their interests. ”
The group will operate under the name D-Labs, and will be fully managed by Ali Sajwani, in his capacity as CEO of D-Labs and CEO of the Group. The initiative is part of the company’s ambitions to switch to digital assets and non-exchangeable tokens (NFTs) as Ali seeks to achieve its goals of transforming it into a leading digital brand globally as the group plans to inject $ 100 million investments. American.
For his part, Ali Sajwani commented: “We have made serious efforts over the last two years to aggressively embrace digitalisation and this new initiative to enter the world of metavers will contribute to strengthening our presence in the digital world. In addition to modernizing our systems and processes in our various departments, we are generously investing in building a strong team of the best experts, specialists and talent, to help support our ambitions to be one of the leading companies in “At the same time, we plan to continue these efforts to grow our team and expand our expertise and knowledge.”
As the group real estate arm, DAMAC offers its customers a 3D virtual experience based on virtual reality and augmented reality technology, which represents a starting point in the world of metavers, being a digital world composed of these two technology along with “Augmented Reality Technology” which refers to “all realistic environments”. Thus, users feel with it that they are living a certain ‘experience’.
With this move, DAMAC Group hopes to expand its services to meet the group’s needs for digital assets, from virtual homes and digital real estate, to digital clothing devices and digital jewelry. Through the purchase from the company of the Swiss jewelry house “De Grisogono”, and the Italian luxury fashion label “Roberto Cavalli”.
Digital experiences are also an aspect of these services, where guests will be able to have a virtual experience at the Mandarin Oriental Polidhovaru resort, which is part of the group portfolio of hotels, resorts and hotel apartments. DAMAC will give its customers the advantage of investing in these digital assets once they are implemented.
Metaverse in the business world
The world of metaverse makes an extraordinary addition to businesses, companies and employees alike, enabling collaboration in a 3D environment that is stimulating, connected and focused on social relationships. One of the most important features of adapting to the world of “Metaverse” is the increase of customer engagement and loyalty, as well as the improvement of communication and cooperation with stakeholders, which ultimately leads to increased revenue.
A study conducted by Market Research Future (MRF) showed that the market value of metavirus reached $ 21.91 billion in 2020 and is expected to grow at a compound annual growth rate of 41.7% in 2030. The same research shows that convergence between the two physical and digital world, along with the growing need for “metaverse” will provide strong opportunities in the market to purchase digital assets using cryptocurrencies during the period shown. There is also a huge demand for real estate in the world of metavers, and this activity is ranked as one of the most attractive areas for investors in cyberspace.
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