Page 246 - SOBHA REALTY PR REPORT - SEPTEMBER 2024

The architect of the iconic luxury realty brand, who recently announced that he would be stepping
down as chairman of the $5 billion Sobha Realty as he turns 76, is passing over the mantle to son
Ravi Menon effective November 18. Ravi, a first-rank holder in civil engineering from Purdue
University, has been helming Sobha Group’s Indian real estate business since 2004.

Speaking to Khaleej Times at his office in Sobha Hartland, the legendary developer shared his
aspirations about the group’s next transformational journey under Ravi Menon, who is currently
serving as co-chairman of Sobha Realty.

The leadership transition takes place at time when Sobha Realty, known for its signature residential
offerings in Dubai, Muscat and India, is all set to expand footprints across the US and Australia.

“I will be looking after the group’s expansion into jewellery and furniture businesses, with two new
ventures — Sobha Jewels and ‘Sobha Furniture — while leveraging our diverse capabilities. Sobha
Group’s foray into the furniture business holds great potential and it is expected to hold a combined
value of $10 billion in the future,” said the billionaire entrepreneur, who has earmarked half of the
group’s income for philanthropy and social causes,” Menon said.

Joining the conversation, Ravi said he is committed to upholding the legacy and advancing it further
to make it the most preferred brand for customers. He acknowledged that the path ahead for him as
the chairman might not be an easy one. “But we have a robust vision in place to consolidate our
presence in key markets like the USA and Australia. For instance, we already have a representative
laying the groundwork for our expansion in Austin, Texas. Meanwhile, we are also scaling our
business in India, with plans to open a new branch in Mumbai. We have a factory spanning 50,000
sq. m coming up in Dubai, and a 12,000 sq. m one planned for Technopark, India. A 9000 sq. m
factory will also be developed in Khazad Abu Dhabi,” Ravi said.

Currently, in Dubai, Sobha’s sales value stands at $5 billion from an investment of about $2.7 billion
which Menon said “is an immense achievement and in line with our targets.”
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.

https://www.khaleejtimes.com/business/realty/dubai-sobha-eyes-10b-sales-forays-into-jewellery-
furniture-business