DUBAI: Damac Properties has seen significant growth in pure online sales as a result of its fully interactive virtual real estate and communities designed in the metaverse, according to a senior official.
On the sidelines of the Metaverse Assembly in Dubai, Ali Sajwani, general manager of operations at Damac Properties and CEO of D-Labs, said that online-only transactions are accounting for an increasing portion of the company’s real estate activity, approximately 367 million dirhams ($100 million) a quarter.
By mid-2023, the UAE-based developer aims to grow this figure to $150 million per month, according to a statement.
The realty major has invested up to $100 million to develop and monetize a metaverse that could allow potential customers to check into their luxury properties virtually, choose an apartment, explore furniture options and toy with the paraphernalia on offer.
The company's metaverse platform D-Labs will create digital replicas of its top projects, including Damac Hills, Damac Lagoons, Safa by De Grisogono, and Cavalli Tower in Dubai. It will also host other notable projects such as Damac Tower Nine Elms in London and the upcoming Cavalli Residences in Miami.
AD Ports Group welcomes its first international shipment
AD Ports Group, one of the leading providers of international trade and logistics, announced Thursday the arrival of its first international shipment at Mugharraq Port, according to a statement.
The UAE’s Ministry of Energy and Infrastructure has recognized Mugharraq Port as an international port facility under the provisions of the International Code for the Security of Ships and of Port Facilities.
The port gained international recognition after a series of major upgrades including extending the quay wall and adding additional berths, deepening the facility’s depth to eight meters, and constructing additional Ro-Ro ramps.
Combined with its strategic proximity to Ruwais, Hail, Ghasha, and other key upstream oil and gas projects in the region, Mugharraq Port is well-equipped to meet the demands of international operations and will further solidify its position as an ISPS port in the region, the statement said.
As a premier maritime facility, the port offers a wide range of offshore, oil and gas, general cargo, logistic support, bulk, and break-bulk handling services.
Al Dhafra’s long-term development plan will be supported by the ongoing port extensions and the new international certification.