PNC Menon

Founder and Chair­man Sobha Group Con­struc­tion $2bn

Arabian Business English - - RICHEST INDIANS IN THE UAE -

THE STORY OF THE INDIANborn real es­tate de­vel­oper started long ago when work­ing as an in­te­rior de­signer in Oman in the 1970s on projects such as the Sul­tan Qa­boos Grand Mosque and Al Bus­tan Palace Ho­tel. He later moved to Dubai and founded the Sobha Group of Com­pa­nies. The prop­erty de­vel­oper is build­ing the $4bn Sobha Hart­land com­mu­nity project in Dubai’s Mo­hammed Bin Rashid City, and District One with Mey­dan Group. The group also has plans to dou­ble its an­nual sales vol­ume to AED2.5bn ($608m) by mid-2020.

It is also re­ported that Sobha Group may hold an ini­tial pub­lic of­fer­ing (IPO) in 2021. The IPO will be launched only af­ter the group com­pletes a pe­riod of con­sol­i­da­tion in Dubai, which will take an­other three years to com­plete.

In an in­ter­view in May, Menon told Ara­bian Busi­ness that he has “no plans for growth in the GCC out­side of the UAE”, although he is mulling over a project in Oman, where he is a cit­i­zen. He also said that Sobha has signed an MoU with the In­done­sian govern­ment to build a lux­ury tower in the coun­try’s cap­i­tal, Jakarta.

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