Damac Group, a commercial conglomerate based in the United Arab Emirates and owner of the Cavalli Group, among others, announces its entry into the metaverse.
Damac Group announces its intention to enter the metaverse and build its own digital cities, becoming one of the pioneers in the Gulf Cooperation Council.
The group will be managed under the banner “D-Labs” and will be led by Ali Sajwani, CEO of D-Labs and Managing Director of Damac. The move is part of the company’s ambitions to move into digital assets and non-fungible tokens (NFT), and Ali Sajwani will be tasked with achieving the organization’s goal of becoming a leading global digital brand.
After making a mark across the real world, #DAMAC Group is building a presence in the virtual world with D-Labs – the digital face of DAMAC Group in the #metaverse. @alisajwanii pic.twitter.com/1Ca681MDmr
— DAMAC Properties (@DAMACOfficial) April 25, 2022
The group plans to invest up to $100 million in capital for this project. “In an effort to adapt to progressive trends in the business world, we are expanding our offering into the metaverse to take advantage of the many opportunities it presents. We are keen to exploit the possibilities offered by the metaverse to be more connected and involved with our customers and their interests,” explains Hussain Sajwani, founder of Damac.
Since last year, the group’s real estate arm, Damac Properties, has been offering homebuyers a 3D virtual experience that uses virtual reality and augmented reality technologies. This entry into the metaverse is a stepping stone, and through this initiative, Damac Group hopes to expand its services to meet the digital asset needs of the entire group, from virtual homes and properties to digital clothing and jewelry, with Swiss jewelers Grisogono and Italian fashion brand Roberto Cavalli ed-italia.com.
“Over the past two years, we have been aggressively driving our digitalization efforts, and this new initiative in the metaverse will only strengthen our digital footprint. In addition to updating our systems, processes and operations across all departments, we have invested in building a strong team of skilled and talented experts to help support our ambitions to become a digital leader. We plan to continue this exercise and expand our team and expertise,” comments Ali Sajwani.
Digital experiences will also be part of the offering. For example, guests will be able to virtually enjoy with the Mandarin Oriental Resort Bolidhuffaru, which is part of the group’s portfolio of hotels, resorts and serviced apartments. Damac’s existing customers will be given priority to invest in these digital assets once the plans are rolled out.
Read also > CAVALLI HOUSE PLANS TO BUILD A SKYSCRAPER IN DUBAI
Featured photo : © Damac Group
