In a fresh chapter of his inspiring entrepreneurial journey, PNC Menon, the founder of Sobha Group, is branching out into the jewellery and furniture industries as he aims to double the group’s turnover to $10 billion within the next five years. The visionary behind the renowned luxury realty brand recently announced his plan to step down as chairman of the $5 billion Sobha Realty as he turns 76, handing over the reins to his son, Ravi Menon, effective November 18. Ravi, a distinguished civil engineering graduate from Purdue University, has been leading Sobha Group’s Indian real estate operations since 2004.
Speaking to Khaleej Times at his office in Sobha Hartland, the esteemed developer shared his vision for the group’s next transformative phase under Ravi Menon, who currently serves as co-chairman of Sobha Realty. This leadership transition coincides with Sobha Realty’s plans to expand its presence in the US and Australia, known for its signature residential projects in Dubai, Muscat, and India.
“I will oversee the group’s expansion into jewellery and furniture businesses, launching two new ventures — Sobha Jewels and ‘Sobha Furniture’ — while leveraging our diverse capabilities. Sobha Group’s entry into the furniture sector holds significant potential and is projected to reach a combined value of $10 billion in the future,” said the billionaire entrepreneur, who has allocated half of the group’s income to philanthropy and social causes.
Ravi, during the conversation, expressed his commitment to preserving the legacy and advancing it further to make it the most preferred brand for customers. He acknowledged the challenges ahead as chairman but emphasized the robust vision in place to consolidate their presence in key markets like the USA and Australia. For instance, they have already initiated groundwork for expansion in Austin, Texas, while also scaling their business in India with plans to open a new branch in Mumbai. Additionally, they are constructing a 50,000 sq. m factory in Dubai and a 12,000 sq. m facility in Technopark, India, with a 9000 sq. m factory planned for Khazad Abu Dhabi.
Currently, Sobha’s sales value in Dubai stands at $5 billion from an investment of about $2.7 billion, which Menon described as “an immense achievement and in line with our targets.” Outlining his vision for Sobha Group over the next decade, Menon mentioned expanding into new markets like Australia and the USA, identifying Sydney, Brisbane, Austin, and Dallas as lucrative real estate markets. In Dubai, Sobha Group aims to exceed $10 billion in revenue through strategic efforts over the next few years, with plans to increase employment from 25,000 to 35,000 by next year.
In India, Sobha Group hopes to surpass the $3 billion sales mark, supported by their expansion into Mumbai. Their short-term goal is to achieve Rs100 billion in sales in India, surpassing the $1 billion mark. They are also partnering with landowners to bolster their presence in India, aiming for Rs300 billion in sales within five years. Furthermore, their ambitious island project in Kochi, spanning 506 acres, is expected to be completed within the next 5-10 years.
Menon also discussed his ongoing humanitarian projects, stating, “We are a highly respected and trusted name in the market, with around half of our annual turnover dedicated to various charitable causes.” For example, in September, they will commence work on the Sabarmati waterfront project, estimated at Rs10 billion, and recently acquired a large plot of land in New Delhi to develop a women’s university, which will be handed over to the government for free education.
In Dubai, Sobha Group also operates a lighting fixture business and a ‘design studio’ employing over 500 architects and engineers. Additionally, they own a contracting company and a pod manufacturing business.
