Taking a new twist in his inspirational entrepreneurial journey, PNC Menon, the founder of Sobha Group, is venturing into jewellery and furniture sectors as he seeks 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 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. 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.