Sobha Realty, a real estate development firm based in Dubai, has recently seen a significant change in its leadership with Ravi Menon, appointed as the Chairman of the Group.
Starting from November 18, 2024, Ravi, who has a strong track record as Co-Chairman of Sobha Group, will take over as the Chairman of the Group.
The transition will see PNC Menon, the founder and chairman of Sobha Group transitioning from his active role as Chairman but will remain engaged as the founder of Sobha Group.
“Throughout my tenure as Chairman, I have been inspired by our exceptional team’s dedication and creativity, which has propelled the company to new heights. I remain committed to supporting Sobha Realty’s ambitions and am confident that under Ravi Menon and Francis Alfred’s leadership, the company will enter a new era of progress and innovation,” said PNC Menon, Founder and Chairman of Sobha Group, who will continue to play an influential role, offering his expertise to guide the group’s subsidiaries and ensure ongoing growth and stability.
For over two decades, Ravi Menon, a civil engineering graduate with Honours from Purdue University, USA, has played a pivotal role in Sobha Group’s success. Since joining as a Director at Sobha Limited in India in June 2004, he has advanced the company’s strategic vision. He was promoted to Vice Chairman in January 2006, followed by his appointment as Chairman of Sobha Limited in India and later as Co-Chairman of Sobha Group in Dubai.
“Sobha Realty has become a leading luxury real estate developer in the region, with promising expansion plans globally. I am committed to upholding this legacy and advancing it further to make it the most preferred brand for customers.”said Ravi Menon, Co-Chairman of Sobha Group.
With his extensive expertise and deep understanding of the regional real estate market, Ravi Menon is poised to lead Sobha Realty into its next chapter of success. His strategic vision and dedication to excellence make him the ideal leader to guide Sobha Realty towards continued growth and expansion, the company said.
Ravi Menon will work hand in hand with Francis Alfred, Managing Director of Sobha Realty, to steer the company toward even greater achievements. Together, they represent a dynamic leadership duo that combines Ravi Menon’s strategic vision and decisive leadership with Francis Alfred’s operational excellence and deep expertise in real estate development.
“As we embark on this exciting new chapter for Sobha Together, we aim to continue to build on the strong foundation laid by PNC Menon by driving innovation and delivering the highest standards of quality that our customers expect. I am confident that with Ravi Menon’s guidance, Sobha Realty will reach even greater heights, further solidifying our position as a global leader in luxury real estate,” said Francis Alfred, Managing Director of Sobha Realty.
Separately, Sobha Group (the global operations) is also planning to enter the US market next year with a 700-acre project in Texas. The US expansion could give the group over $10 billion in revenue and is entirely Menon’s idea, driven largely by Sobha’s phenomenal run in Dubai where it stands behind Emaar and Damac in sales, after starting in 2013.
In Dubai last year it clocked Rs 35, 000 crore sales in 2023. “In Dubai we had more or less reached the peak. I don’t think we will be able to do more than Rs 42,000 to Rs 50,000 crore,” said PNC Menon said to ET earlier this year.
Menon entered the Dubai market in 2011 following the establishment of PNC Investments. The company initially collaborated with Meydan Group to develop a property, later proceeding to independently market villas and apartments in the prestigious Sobha Hartland project. This $4 billion luxury mixed-use development spans 183 acres.
Sobha has completed the second phase, Sobha Hartland 2, which spans 183 acres and includes apartments and villas. They have also undertaken other projects in Dubai, such as Sea Haven Tower and Sobha Reserve. This has raised Sobha Realty’s profile to become the third largest real estate developer in the city, with annual revenues of $5 billion, following Emaar and Damac. The company is now gearing up for the launch of its flagship project, The S, located on Sheikh Zayed Road. The project features four- and five-bedroom apartments with a starting price of $4.3 million
Source Homevior.in
