From left, Sarah Forster from 'The National', Samuel Hamilton, creative director at the Decentraland Foundation, Joe Abi Akl, chief corporate development officer of Majid Al Futtaim, Ali Sajwani, general manager of operations at Damac Properties, and Guy Parsonage, metaverse lead at PwC, during a panel discussion at the Dubai Metaverse Assembly on Wednesday. Khushnum Bhandari / The National
From left, Sarah Forster from 'The National', Samuel Hamilton, creative director at the Decentraland Foundation, Joe Abi Akl, chief corporate development officer of Majid Al Futtaim, Ali Sajwani, general manager of operations at Damac Properties, and Guy Parsonage, metaverse lead at PwC, during a panel discussion at the Dubai Metaverse Assembly on Wednesday. Khushnum Bhandari / The National
From left, Sarah Forster from 'The National', Samuel Hamilton, creative director at the Decentraland Foundation, Joe Abi Akl, chief corporate development officer of Majid Al Futtaim, Ali Sajwani, general manager of operations at Damac Properties, and Guy Parsonage, metaverse lead at PwC, during a panel discussion at the Dubai Metaverse Assembly on Wednesday. Khushnum Bhandari / The National
From left, Sarah Forster from 'The National', Samuel Hamilton, creative director at the Decentraland Foundation, Joe Abi Akl, chief corporate development officer of Majid Al Futtaim, Ali Sajwani, gene

Business

Technology

Digital twins of real estate projects in the metaverse to help developers push sales

Virtual tours can build brand awareness and promote properties in the market at a quicker pace

Alvin R Cabral
Alvin R Cabral

September 29, 2022

  • English
  • Arabic

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."

READ MORE

Dubai plans to start new economic metric called 'gross metaverse product'

From sea port to airport to 'brain port': governments spearhead metaverse transition

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.

Presentations regarding different facets of Metaverse at the Dubai Metaverse Assembly at Museum of the Future. All photos: Khushnum Bhandari / The National
Presentations regarding different facets of Metaverse at the Dubai Metaverse Assembly at Museum of the Future. All photos: Khushnum Bhandari / The National
Sandeep Nailwal, co-founder of Polygon, speaks about The Building Blocks for WEB 3.0 and the Metaverse.
Sandeep Nailwal, co-founder of Polygon, speaks about The Building Blocks for WEB 3.0 and the Metaverse.
From left, Alex Gubbay, Head of Digital at 'The National', moderator Amin Al Zarouni, of Bedu, Abdelrahman Mohamed, of MetaCon Global, Abdulla Mohamed Al Dhaheri, of Chaintech Lab, and Haya Al Gussain, of Evolve Network Club take part in the UAE Metaverse Contributors' panel discussion.
From left, Alex Gubbay, Head of Digital at 'The National', moderator Amin Al Zarouni, of Bedu, Abdelrahman Mohamed, of MetaCon Global, Abdulla Mohamed Al Dhaheri, of Chaintech Lab, and Haya Al Gussain, of Evolve Network Club take part in the UAE Metaverse Contributors' panel discussion.
From left, Jane Witherspoon of Euronews moderates a panel discussion on 'Which sectors is the Metaverse already impacting' with Yusuf Bahadir, of GoArt, Vishal Gondal, founder and CEO of GOQii, David Clark-Joseph, of Pixelynx and Bradford Bird, of The Fabricant.
From left, Jane Witherspoon of Euronews moderates a panel discussion on 'Which sectors is the Metaverse already impacting' with Yusuf Bahadir, of GoArt, Vishal Gondal, founder and CEO of GOQii, David Clark-Joseph, of Pixelynx and Bradford Bird, of The Fabricant.
Tom Urquhart from Arabian Radio Network speaks about gaming with Ahmed Tehemar, of Gamefi.
Tom Urquhart from Arabian Radio Network speaks about gaming with Ahmed Tehemar, of Gamefi.
From left, Mustafa Alrawi of 'The National' speaks to Adel Al Redha, CEO of Emirates about 'Opportunities in Aviation'.
From left, Mustafa Alrawi of 'The National' speaks to Adel Al Redha, CEO of Emirates about 'Opportunities in Aviation'.
A visitor tests a virtual reality headset at the Dubai Metaverse Assembly at Museum of Future.
A visitor tests a virtual reality headset at the Dubai Metaverse Assembly at Museum of Future.
From left, moderator Mina Al-Oraibi, Editor-in-Chief at 'The National', HSBC's Catherine Zhou, Alexander Chehade from Binance, Keith Jordan from Mastercard, DIFC Authority's Christian Kunz and Vinit Shah from the Virtual Assets Regulatory Authority discuss the role of governments in virtual worlds.
From left, moderator Mina Al-Oraibi, Editor-in-Chief at 'The National', HSBC's Catherine Zhou, Alexander Chehade from Binance, Keith Jordan from Mastercard, DIFC Authority's Christian Kunz and Vinit Shah from the Virtual Assets Regulatory Authority discuss the role of governments in virtual worlds.
Ziad Traboulsi from Meta addresses the assembly.
Ziad Traboulsi from Meta addresses the assembly.
Gabriel Abed, ambassador of Barbados to the UAE, speaks about the future of nations in the Metaverse.
Gabriel Abed, ambassador of Barbados to the UAE, speaks about the future of nations in the Metaverse.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, attends the event at Museum of the Future.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, attends the event at Museum of the Future.
From left, Euronews moderator Laura Buckwell, Cathy Li of the World Economic Forum, Digital Dubai's Marwan Al Zarouni, Meta's James Hairston and Balsam Danhach of FTX discuss 'Maximizing the Potential of Ecosystems on the Metaverse'.
From left, Euronews moderator Laura Buckwell, Cathy Li of the World Economic Forum, Digital Dubai's Marwan Al Zarouni, Meta's James Hairston and Balsam Danhach of FTX discuss 'Maximizing the Potential of Ecosystems on the Metaverse'.
Brandy Scott of the Arabian Radio Network, left, and Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World discuss 'How the Metaverse will Enable People and Operations'.
Brandy Scott of the Arabian Radio Network, left, and Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World discuss 'How the Metaverse will Enable People and Operations'.
Omar Al Olama, Minister of State for Digital Economy, AI and Remote Working System, speaks about 'Unlocking Dubai's Potential'.
Omar Al Olama, Minister of State for Digital Economy, AI and Remote Working System, speaks about 'Unlocking Dubai's Potential'.
Asma Shabab of Accenture leads the 'Building the Responsible Metaverse' discussion with virtual speaker Anne Groeppelin, also from Accenture.
Asma Shabab of Accenture leads the 'Building the Responsible Metaverse' discussion with virtual speaker Anne Groeppelin, also from Accenture.
Ms Li, left, and Mr Hairston, right, listen as Mr Al Zarouni makes a point.
Ms Li, left, and Mr Hairston, right, listen as Mr Al Zarouni makes a point.
Mr Al Olama, who is also Chairman of Dubai Chamber of Digital Economy and Vice Chairman of the Higher Committee for Future Technology and Digital Economy in Dubai.
Mr Al Olama, who is also Chairman of Dubai Chamber of Digital Economy and Vice Chairman of the Higher Committee for Future Technology and Digital Economy in Dubai.
Moderator Ms Buckwell leads the panel discussion on 'Maximizing the Potential of Ecosystems on the Metaverse'.
Moderator Ms Buckwell leads the panel discussion on 'Maximizing the Potential of Ecosystems on the Metaverse'.
From left, The National's Sarah Forster moderates a discussion with Samuel Hamilton of the Decentraland Foundation, Majid Al Futtaim's Joe Abi Akl, Damac Properties' Ali Sajwani and Guy Parsonage from PwC on 'Opportunities in Virtual Real Estate'.
From left, The National's Sarah Forster moderates a discussion with Samuel Hamilton of the Decentraland Foundation, Majid Al Futtaim's Joe Abi Akl, Damac Properties' Ali Sajwani and Guy Parsonage from PwC on 'Opportunities in Virtual Real Estate'.
Ihab Foudeh from Microsoft speaks on the topic of 'Unravelling the Metaverse and its Future'.
Ihab Foudeh from Microsoft speaks on the topic of 'Unravelling the Metaverse and its Future'.
Khalifa Al Jaziri Al Shehhi gives a presentation on 'Metaverse and the Economy'.
Khalifa Al Jaziri Al Shehhi gives a presentation on 'Metaverse and the Economy'.
Some of the audience at the Dubai Metaverse Assembly.
Some of the audience at the Dubai Metaverse Assembly.
From left, Mr Abi Akl, Mr Sajwani and Mr Parsonage continue their discussion.
From left, Mr Abi Akl, Mr Sajwani and Mr Parsonage continue their discussion.
The audience takes in the discussion.
The audience takes in the discussion.
Front-row seats for the Dubai Metaverse Assembly.
Front-row seats for the Dubai Metaverse Assembly.
Minister of Economy Abdulla bin Touq, second from left, joins a discussion on 'Metaverse and the Economy' moderated by Karl Tlais, left, founder and strategic advisor of iAdvisory, Accenture managing director Bashar Kilani, second from right, and BCG Digital Ventures managing director and partner Mark Zaleski.
Minister of Economy Abdulla bin Touq, second from left, joins a discussion on 'Metaverse and the Economy' moderated by Karl Tlais, left, founder and strategic advisor of iAdvisory, Accenture managing director Bashar Kilani, second from right, and BCG Digital Ventures managing director and partner Mark Zaleski.
Khalfan Belhoul, CEO of the Dubai Future Foundation gives the opening address.
Khalfan Belhoul, CEO of the Dubai Future Foundation gives the opening address.

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."

Afghanistan Premier League - at a glance

Venue: Sharjah Cricket Stadium

Fixtures:

Tue, Oct 16, 8pm: Kandahar Knights v Kabul Zwanan; Wed, Oct 17, 4pm: Balkh Legends v Nangarhar Leopards; 8pm: Kandahar Knights v Paktia Panthers; Thu, Oct 18, 4pm: Balkh Legends v Kandahar Knights; 8pm: Kabul Zwanan v Paktia Panthers; Fri, Oct 19, 8pm: First semi-final; Sat, Oct 20, 8pm: Second semi-final; Sun, Oct 21, 8pm: final

Table:

1. Balkh Legends 6 5 1 10

2. Paktia Panthers 6 4 2 8

3. Kabul Zwanan 6 3 3 6

4. Nagarhar Leopards 7 2 5 4

5. Kandahar Knights 5 1 4 2

BUNDESLIGA FIXTURES

Friday (UAE kick-off times)

Borussia Dortmund v Paderborn (11.30pm)

Saturday 

Bayer Leverkusen v SC Freiburg (6.30pm)

Werder Bremen v Schalke (6.30pm)

Union Berlin v Borussia Monchengladbach (6.30pm)

Eintracht Frankfurt v Wolfsburg (6.30pm)

Fortuna Dusseldof v  Bayern Munich (6.30pm)

RB Leipzig v Cologne (9.30pm)

Sunday

Augsburg v Hertha Berlin (6.30pm)

Hoffenheim v Mainz (9pm)

 

 

 

 

 

More from this package
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
Brief scores:

Huesca 0

Real Madrid 1

Bale 8'

While you're here
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RESULTS

4pm: Al Bastakiya Listed US$250,000 (Dirt) 1,900m
Winner: Yulong Warrior, Richard Mullen (jockey), Satish Seemar (trainer)

4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m
Winner: Jordan Sport, Adrie de Vries, Fawzi Nass

5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m
Winner: Jungle Cat, William Buick, Charlie Appleby

5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m
Winner: Kimbear, Patrick Dobbs, Doug Watson

6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m
Winner: Blair House, James Doyle, Charlie Appleby

6.55pm: Al Maktoum Challenge Round-3 Group 1 $400,000 (D) 2,000m
Winner: North America, Richard Mullen, Satish Seemar

7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m
Winner: Hawkbill, William Buick, Charlie Appleby.

'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

Major honours

ARSENAL

  • FA Cup - 2005

BARCELONA

  • La Liga - 2013
  • Copa del Rey - 2012
  • Fifa Club World Cup - 2011

CHELSEA

  • Premier League - 2015, 2017
  • FA Cup - 2018
  • League Cup - 2015

SPAIN

  • World Cup - 2010
  • European Championship - 2008, 2012
Our commentary on Brexit
TICKETS

Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Alaan%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Parthi%20Duraisamy%20and%20Karun%20Kurien%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%247%20million%20raised%20in%20total%20%E2%80%94%20%242.5%20million%20in%20a%20seed%20round%20and%20%244.5%20million%20in%20a%20pre-series%20A%20round%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
What's in the deal?

Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024

India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.

India will also cut automotive tariffs to 10% under a quota from over 100% currently.

Indian employees in the UK will receive three years exemption from social security payments

India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery

TERMINAL HIGH ALTITUDE AREA DEFENCE (THAAD)

What is THAAD?

It is considered to be the US's most superior missile defence system.

Production:

It was created in 2008.

Speed:

THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.

Abilities:

THAAD is designed to take out  ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".

Purpose:

To protect high-value strategic sites, such as airfields or population centres.

Range:

THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface.

Creators:

Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.

UAE and THAAD:

In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.

Dengue%20fever%20symptoms
%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A

Profile of Foodics

Founders: Ahmad AlZaini and Mosab AlOthmani

Based: Riyadh

Sector: Software

Employees: 150

Amount raised: $8m through seed and Series A - Series B raise ongoing

Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Whiile you're here
Saturday's results

Brighton 1-1 Leicester City
Everton 1-0 Cardiff City
Manchester United 0-0 Crystal Palace
Watford 0-3 Liverpool
West Ham United 0-4 Manchester City

'Tell the Machine Goodnight' by Katie Williams 
Penguin Randomhouse

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Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
While you're here
While you're here
While you're here
UAE currency: the story behind the money in your pockets
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FOLD%204
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F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

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The metaverseProperty