The change in leadership occurs as Sobha Realty, which is well-known for its distinctive residential properties in Dubai, Muscat, and India, prepares to grow its presence in the US and Australia.
In an attempt to double the Sobha Group’s revenue to $10 billion over the following five years, PNC Menon, the group’s founder, is branching out into the furniture and jewellery industries. This is just one more exciting chapter in his amazing entrepreneurial story.
With effect from November 18, son Ravi Menon will take over as chairman of the $5 billion Sobha Realty, which was founded by the renowned luxury real estate business. The creator of the firm recently revealed that he would be stepping down as chairman as he reaches 76. Ravi, a 2004 graduate of Purdue University with honours in civil engineering, has been in charge of Sobha Group’s real estate project in India.
I will oversee the group’s foray into the jewellery and furniture industries through our two new businesses, Sobha Jewels and Sobha Furniture, making use of our varied skill set. Menon, a wealthy entrepreneur, stated that the Sobha Group’s venture into the furniture industry has immense potential and is anticipated to have a total value of $10 billion in the future. Half of the group’s earnings are designated for charitable and social causes.
Ravi entered the discussion and stated that he is dedicated to maintaining the heritage and growing it further to become the most favoured brand among consumers. He admitted that he might not have an easy road ahead of him in his role as chairman. However, we have a good plan in place to increase our footprint in important regions like Australia and the United States. For example, we currently have a representative in Austin, Texas, who is setting the foundation for our expansion. In the meanwhile, we are expanding our operations in India and intend to launch a new branch in Mumbai.We intend to construct a 12,000 square metre factory in Technopark, India, and a 50,000 square metre facility in Dubai.In Khazad, Abu Dhabi, a 9000 square metre plant would also be built, according to Ravi.
With an investment of roughly $2.7 billion, Sobha’s sales value in Dubai currently stands at $5 billion, which Menon described as “an immense achievement and in line with our targets.
Menon gave a 10-year vision for Sobha Group, saying, We will be expanding into new markets like Australia and the USA to start. We think Sydney and Brisbane have a lot of real estate potential in Australia. We’ve determined that Dallas and Austin are two of the most profitable US markets for growth.
The Sobha Group in Dubai aims to produce over $10 billion in revenue in the next few years through strategic projects. At present, Sobha employs about 25,000 people in the UAE; by next year, it hopes to raise this number to 35,000.
With the support of our growth into Mumbai, we aim to break the $3 billion sales mark in India. Our immediate objective is to surpass $1 billion in sales in India by reaching Rs 100 billion. With the goal of reaching Rs 300 billion in sales in five years, we are collaborating with landowners to strengthen our position in India in the meantime. Furthermore, Menon stated, We could finish our ambitious island project, which is situated on 506 acres of land in Kochi, in the next five to ten years.
Menon gave an explanation of his ongoing charitable endeavours, saying, We are a highly respected and trusted name in the market, with around half of our annual turnover going into various charitable causes. For example, we are going to begin construction on the Rs. 10 billion Sabarmati waterfront project in September. Furthermore, we recently acquired a substantial piece of land in New Delhi to build a women’s college. The government will receive this land, allowing for free education.
The Sobha Group employs around 500 architects and engineers in its “design studio” and lighting fixture businesses in Dubai. Furthermore, Sobha Group owns a manufacturing company that makes pods and a contracting agency.
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