Page 244 - SOBHA REALTY PR REPORT - SEPTEMBER 2024

9/17/24, 11:22 AM Dubai: Sobha Eyes $10B Sales Forays Into Jewellery, Furniture Business

Outlining his vision for Sobha Group 10 years down the line, Menon said:“To begin with, we
will be expanding into new markets like Australia and the USA. In Australia, we believe that

Sydney and Brisbane hold great potential for real estate. In the USA, we have identified
Austin and Dallas as lucrative markets for expansion.

In Dubai, Sobha Group aims to surpass $10 billion in revenue, through strategic efforts over

the next few years. Currently, Sobha employs over 25,000 people in the UAE and hope to
take this number to 35,000 by next year.

“In India, we hope to surpass the $3 billion sales mark, backed by our expansion into Mumbai.

Our short-term goal is to achieve Rs100 billion in sales in India, surpassing the $1 billion
mark. In the meantime, we are partnering with landowners to bolster our presence in India,

with an aim to achieve Rs300 billion in sales within five years. Moreover, our ambitious island
project set in 506 acres of land in Kochi, could be completed within the next 5-10 years,”

Menon said.

Explaining his on-going humanitarian projects, Menon said:“We are a highly respected and
trusted name in the market, with around half of our annual turnover going into various

charitable causes. For instance, in September we will start working on the Sabarmati
waterfront project with an estimated cost of Rs10 billion. We also recently bought a large plot

of land for developing a women's university in New Delhi, which will be handed over to the
government, facilitating free-of-cost education.”

In Dubai, Sobha group also has a lighting fixture business and a 'design studio' in Dubai
where it employs over 500 architects and engineers. Sobha Group also owns a contracting

company as well as a pod manufacturing business.

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