Page 58 - SOBHA REALTY PR REPORT - MARCH 2024 (ENGLISH)

3/11/24, 10:10 AM Real estate: Sobha Realty pulls $4.2bn in 2023 sales and bookings - Construction Week Online
Menon, Co-Chairman 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,” said Menon.

In addition, PNC Investments, the group’s holding company, garnered credit ratings of
BB- from S&P Global Ratings and Ba3 from Moody’s in 2023. The developer’s $300
million sukuk issuance was also oversubscribed and priced at the lower end of the
initial pricing guidance. Proceeds from the sukuk are to repay existing debt as well as
for general corporate purposes.

Sobha Realty entered into a significant venture with IIFA 2023 to cater to global Indian
audiences, as well as marked a multi-year principal partnership with Arsenal Football
Club.

In 2023, the company also won a Guinness World Record for creating the largest
helmet mosaic formed by people depicting the UAE flag.

https://www.constructionweekonline.com/news/real-estate-sobha-realty-pulls-4-2bn-in-2023-sales-and-bookings 2/2