UAE: Damac Group to build its own digital cities in metaverse

Ali Sajwani, CEO D-Labs and GM Damac Group. — Supplied photo
Ali Sajwani, CEO D-Labs and GM Damac Group. — Supplied photo

The Group plans to invest capital up to US$100 million for the project



by

A Staff Reporter

Published: Tue 26 Apr 2022, 12:01 AM

Last updated: Tue 26 Apr 2022, 4:13 PM

The Damac Group – the parent company of global property development company Damac Properties, data centre firm Edgenex, luxury jeweller de-Grisogono and fashion house Roberto Cavalli – is announcing plans to embark into the world of the metaverse and build its own digital cities, becoming one of the pioneers in the GCC to do so.

This is a step to branch out its services to cater to the needs of the entire Group when it comes to digital assets – ranging from virtual homes, digital property, as well as digital wearables, and digital jewellery through the company’s acquisitions of Swiss jewellers de-Grisogono, and Italian fashion brand Roberto Cavalli, respectively.

Digital experiences will also be offered, where guests will be able to get a virtual treat of the Mandarin Oriental Resort Bolidhuffaru.

The Group plans to invest capital up to US$100 million for the project.

The initiative forms part of the company-wide ambitions to move into digital assets and non-fungible tokens (NFT), and he is tasked in delivering the organisation’s goal to be a leading global digital brand.

“In an attempt to mold to the progressive trends of business, we are expanding our offerings into the metaverse realm to avail of the many opportunities it presents. We are keen to pioneer the possibilities that the metaverse offers in ways which allow us to be more connected and involved with our customers and their interests,” said Hussain Sajwani, Founder of Damac.

Remaining committed to its stakeholders, existing customers of Damac will be prioritised in investing in these digital assets once plans have rolled out.

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