Page 159 - SOBHA REALTY QUARTERLY PR REPORT - JANUARY-MARCH 2024 (ENGLISH )

3/5/24, 11:35 AM Sobha Realty 2023 sales at all-time high with record Dh15.5b in bookings | Corporate-news – Gulf News
for its luxury properties.

In 2023, the company witnessed a 51 per cent growth in sales across its diverse

portfolio of residential and commercial developments in Dubai. The company attained
its sales target of Dh15 billion in 2023 and is aspiring to achieve Dh20 billion in 2024.

The company handed over 1819 units in the last year across 2 of its completed

projects, before their due date. In view of this sales growth, the company has attained
a market share of nearly 10 per cent by value in Dubai during the year.

Ravi Menon, Co-Chairman of Sobha Realty, said: “We are delighted to conclude 2023

on a high note, attaining record-breaking sales and establishing strategic partnerships
that will shape the future of Sobha Realty. The exceptional growth reflects our

steadfast commitment to delivering high-quality properties. As we step into 2024, our

focus remains on adapting to evolving market trends and elevating the quality of our

services, further ensuring a continuation of our upward trajectory in the dynamic real

estate landscape and realising our vision to be a global real estate brand.”

Furthermore, PNC Investments, the group’s holding company, garnered credit ratings

of ‘BB-‘from S&P Global Ratings and ‘Ba3’ from Moody’s in 2023, underscoring its

substantial financial strength. The developer’s historic $300 million Sukuk issuance

last year also demonstrated its capability to attract a wide range of investors from
across the globe.

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