Riyad Bank posts $414m in Q1 profit with expenses unchanged

RIYADH: Emirati property developer DAMAC Group has announced plans to launch into the metaverse — a network of 3D virtual worlds focused on social connection — and build its own digital cities.

The company plans to invest capital up to $100 million for the project, Zawya reported.

“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,” Hussain Sajwani, founder of DAMAC said. 

Meanwhile, a Dubai property brokerage is planning to sell the region’s first metaverse mansions, where buyers can own a non-fungible token, known as NFT, with and without the bricks and mortar asset.

The digital mansions will enable buyers to view their properties in augmented reality, Union Square House said in a statement on Monday.

“Our foray into the metaverse stems from our strong belief in a prevalent virtual world that is set to transform many sectors, top of which is real estate,” Gaurav Aidasani, founder and managing director of USH said. 

Aidasani added: “We believe digital real estate has already gone mainstream. Lenders are even offering mortgages to support customers in buying virtual properties. All these developments give momentum to digital properties, presenting investors in the metaverse with an opportunity to multiply the value of their virtual assets,” he said. 

The company is aiming to launch the first set of NFTs in July and only ultra-luxury properties will be sold, with a focus on micro markets such as The Palm Jumeirah, Emirates Hills, District One, Dubai Hills Estates and others. 

While the project will start in Dubai, the company plans to expand to Abu Dhabi and other major cities, according to Thenationalnews.com