Real estate developers stand to be among the biggest beneficiaries of the metaverse, with digital twins of their properties seen to help drive marketing and sales, experts said at the Dubai Metaverse Assembly.
By providing virtual tours of projects, developers can build brand awareness, promote the developments in the market at a quicker pace and also scale their reach to investors.
"There is a whole collection of use cases for real estate in the metaverse; it’s a very interesting space," Guy Parsonage, metaverse lead at PwC, told The National.
"It’s an addition to what they’re already doing in the real world, adding new ways to engage their customers in the real world."
The metaverse is the emerging space where people can interact in virtual worlds using three-dimensional representations.
The technology also allows companies to market products through interactive means, specifically by immersing users in a fully digital world with the help of hardware such as augmented reality headsets and the related software.
For real estate developers, taking clients on a tour of a digital twin of their properties will allow potential investors to experience the feel of the project.
Shifting to the metaverse is seen to have a positive business impact, according to 71 per cent of respondents to a recent global survey from consultancy Accenture.
Its market opportunity, meanwhile, is projected to be worth more than $1 trillion in annual revenues, US bank JPMorgan said.
UAE real estate companies are slowly tapping into the metaverse.
Dubai property brokerage Union Square House said in April that it planned to sell the region's first “metaverse mansions”, where buyers can own a non-fungible token with and without the bricks and mortar asset.
Meanwhile, Damac Group also announced plans in April to invest $100 million to build "digital cities" in the metaverse.
However, real estate companies need to learn how to carefully integrate the metaverse into their operations, said Ali Sajwani, general manager of operations at Damac Properties.
The Dubai-based developer has been posting sales of about $100m using video conferencing applications, "convincing clients halfway across the world", he said.
"We can push sales with digital twins [of our properties]. It can also give them an idea of what the future looks like in real estate," he added.
Companies need to "keep evolving to meet the evolving needs of customers, to make the experience much more seamless and effective", said Joe Abi Akl, chief corporate development officer of Dubai conglomerate Majid Al Futtaim.
Government property is another area where the metaverse can help.
Embassies, for instance, can be costly for smaller countries to build overseas, and a virtual equivalent can instead serve the purpose, Mr Abi Akl said.
"It saves money and can provide services such as for visas. So it makes sense," he added.
Mr Parsonage, however, cautioned against blindly investing in the metaverse, urging companies to focus on the potential tangible returns it would bring.
"You need to get in and explore, as you don’t want to be the one that’s taking advantage while others are already starting to seek create revenue and benefits from it," he said.
"Our advice is to invest at a strategic time in looking at the relevant opportunities for your business. Along with looking at the overall strategy, start smaller and develop quickly so you can start to understand it."
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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Send “thenational” to the following numbers or call the hotline on: 0502955999
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Boulder shooting victims
• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
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• Teri Leiker, 51
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
UAE%20v%20West%20Indies
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Saudi Cup race day
Schedule in UAE time
5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)
MATCH INFO
FA Cup fifth round
Chelsea v Manchester United, Monday, 11.30pm (UAE), BeIN Sports
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Trippier bio
Date of birth September 19, 1990
Place of birth Bury, United Kingdom
Age 26
Height 1.74 metres
Nationality England
Position Right-back
Foot Right
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MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
More on Quran memorisation:
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
The low down on MPS
What is myofascial pain syndrome?
Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (connective tissue that covers the muscles, which develops knots, also known as trigger points).
What are trigger points?
Trigger points are irritable knots in the soft tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and sustained posture are the main culprits in developing trigger points.
What is myofascial or trigger-point release?
Releasing these nodules requires a hands-on technique that involves applying gentle sustained pressure to release muscular shortness and tightness. This eliminates restrictions in connective tissue in orderto restore motion and alleviate pain. Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
2020 Oscars winners: in numbers
- Parasite – 4
- 1917– 3
- Ford v Ferrari – 2
- Joker – 2
- Once Upon a Time ... in Hollywood – 2
- American Factory – 1
- Bombshell – 1
- Hair Love – 1
- Jojo Rabbit – 1
- Judy – 1
- Little Women – 1
- Learning to Skateboard in a Warzone (If You're a Girl) – 1
- Marriage Story – 1
- Rocketman – 1
- The Neighbors' Window – 1
- Toy Story 4 – 1
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Mohammed bin Zayed Majlis
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
