Saudi lender Arab National Bank posts higher quarterly profit of $173m

Saudi lender Arab National Bank posts higher quarterly profit of $173m
Saudi lender Arab National Bank posts higher quarterly profit of $173m

Thank you for reading the news about Saudi lender Arab National Bank posts higher quarterly profit of $173m and now with the details

Jeddah - Yasmine El Tohamy - 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  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

These were the details of the news Saudi lender Arab National Bank posts higher quarterly profit of $173m for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Saudi edtech startup AlGooru raises $1.8m in seed funding
NEXT Al-Dhaher appointed SAMA’s deputy governor for control and technology

Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]