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."
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Stormy seas
Weather warnings show that Storm Eunice is soon to make landfall. The videographer and I are scrambling to return to the other side of the Channel before it does. As we race to the port of Calais, I see miles of wire fencing topped with barbed wire all around it, a silent ‘Keep Out’ sign for those who, unlike us, aren’t lucky enough to have the right to move freely and safely across borders.
We set sail on a giant ferry whose length dwarfs the dinghies migrants use by nearly a 100 times. Despite the windy rain lashing at the portholes, we arrive safely in Dover; grateful but acutely aware of the miserable conditions the people we’ve left behind are in and of the privilege of choice.
Stats at a glance:
Cost: 1.05 billion pounds (Dh 4.8 billion)
Number in service: 6
Complement 191 (space for up to 285)
Top speed: over 32 knots
Range: Over 7,000 nautical miles
Length 152.4 m
Displacement: 8,700 tonnes
Beam: 21.2 m
Draught: 7.4 m
