Founder of Sobha Group, PNC Menon, made an announcement that Sobha is venturing into jewelry and furniture sectors as he plans to double the group’s turnover to $10 billion over the next five years.
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 from 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 about his expansion plans, Menon said “I will be looking after the group’s expansion into jewelry 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.”
Elaborating on the plans, Ravi Menon said, “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.”
Currently, in Dubai, Sobha’s sales value stands at $5 billion from an investment of about $2.7 billion.
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 aims to take this number to 35,000 by next year.
Sobha Group operates a lighting fixture business and a design studio in Dubai, employing more than 500 architects and engineers. In addition, the company owns a contracting firm and a pod manufacturing business.
