PNC Menon, the founder of Sobha Group, has recently announced his plans to venture into the jewellery and furniture sectors. With aspirations to double the group’s turnover to $10 billion in the next five years, Menon is passing on the mantle of chairman to his son, Ravi Menon, effective November 18. Ravi, a first-rank holder in civil engineering, has been overseeing Sobha Group’s Indian real estate business since 2004. The legendary developer shared his excitement about the group’s upcoming transformation journey under Ravi’s leadership, who is currently serving as co-chairman of Sobha Realty.
Sobha Realty, known for its luxurious residential offerings in Dubai, Muscat, and India, is gearing up to expand its footprints in the US and Australia. PNC Menon mentioned that the group will be entering the jewellery and furniture businesses with two new ventures – Sobha Jewels and Sobha Furniture. He emphasized that the furniture business holds great potential and is expected to reach a combined value of $10 billion in the future. Additionally, Menon has earmarked half of the group’s income for philanthropy and social causes, showcasing his commitment to giving back to society.
Ravi Menon expressed his dedication to upholding the legacy of Sobha Group and making it the most preferred brand for customers. He outlined the group’s vision to consolidate its presence in key markets such as the USA and Australia. The plans include expanding into Austin, Texas, and Mumbai while developing factories in Dubai and India. Currently, in Dubai, Sobha’s sales value stands at $5 billion from an investment of $2.7 billion, which Menon deemed as a significant achievement in line with their targets.
Looking ahead, PNC Menon envisions Sobha Group expanding into new markets like Australia and the USA. The group aims to surpass $10 billion in revenue in Dubai through strategic efforts. In India, they hope to achieve sales targets of Rs100 billion in the short term and Rs300 billion within five years through partnerships with landowners. With ongoing humanitarian projects, the group is actively involved in charitable causes, with around half of their annual turnover dedicated to such initiatives.
In Dubai, Sobha Group also operates a lighting fixture business, a design studio, a contracting company, and a pod manufacturing business. With over 25,000 employees in the UAE, Sobha Group aims to increase this number to 35,000 by next year. The group’s ambitious island project in Kochi, spanning 506 acres, is expected to be completed within the next 5-10 years. Overall, PNC Menon and Ravi Menon are leading Sobha Group towards a future of growth, expansion, and continued philanthropy.
