Dubai tycoon to give 50% of fortune to charity

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Dubai-based businessman PNC Menon plans to give 50 percent of his personal wealth to charity, he told Arabian Business.

Dubai-based businessman PNC Menon plans to give 50 percent of his personal wealth to charity, he told Arabian Business.

Dubai-based businessman PNC Menon plans to give 50 percent of his personal wealth to charity, he told Arabian Business.

Menon, the founder and chairman of Sobha Group of Companies, will open education institutes in India and Oman, he said.

“Once you make all of the money I don’t think you should keep all of it for your family, a large portion of it should go to society. I have decided that 50 percent of mine should go to society,” he said.

“My view is very simple; I am lucky to have made my money. After a certain point in time money cannot make a difference in your life. I feel that its not even called charity, it’s about accountability and the responsibility of society,” he added.

Menon was ranked the GCC’s 21st richest Indian with a fortune of $600m, in a list published last month by Arabian Business.  His firm established Sobha Heritage and Sobha Academy in 2006 to provide education and social welfare to around 2,500 families in two villages in India, Vadakkenchery and Kizhakkenchery.

Sohba Group was listed on the Bombay Stock Exchange in 2006 and employs 28,000 people across the Gulf and India. The firm, which was established in Oman, plans to expand its operations across India and the GCC, said Menon.

The firm will break ground on its Dubai-based Meyden development in the next two months, he said. Sobha will also expand its business to include a three-star hotel management company called Strada. The subsidiary has identified land in Mohammed Bin Rashid City for its first property, a 250-room hotel, and hopes to manage up to 100 hotels across India, Africa and the Middle East.

“There is a huge market if we can manage such a group and manage it very well, there is a huge potential. We are looking at building up 50 to 100 hotels. We’ll be managing but initially some of the investments will be done by us and then over time we’ll only manage the hotels,” said Menon.

The firm will also announce plans for a second major real estate project in Dubai in the next two weeks and expand its operations in Qatar and Saudi Arabia, he added.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Pravin S

I Wish All the wealthy Indians should have the same Kind of feeling towards the society as one having so much of wealth and keeps it for his Future Generation but he or she never knows how is the money going to be utilized whereas if he donates it to the present society by doing a right thing during his Life and also will be Remembered by the Society Forever .

Posted by: Erik

Isn't Sobha the same contracting company whose workers protested at their poor living conditions and food last year...at which point the official spokesperson went on record saying that "300 to 400 DH per month is a justified salary" - or words to that affect.

Posted by: kingkaiser

Tried searching for this but nothing came up on Google apart from your comment. Do you have any links?

Posted by: Dreamer

Funny world, the smae week one person making big fuzz becuase his fortune was under estimatde by few billions and another one offering 50% of his fortune to the needed.
I let you guess which one will get more respect for the people in this world

Posted by: Raj N

Interview would have been more impactful had it been conducted after he had done what he plans.

Posted by: AAli

May God bless you Mr Menon!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Guide to getting married in Dubai on a budget

Guide to getting married in Dubai on a budget

Alarmed by how expensive weddings are? Our experts reveal how...

1
Frustrated Kuwaitis ask, why is Kuwait falling behind?

Frustrated Kuwaitis ask, why is Kuwait falling behind?

Citizens wonder why oil producer Kuwait is not as dynamic a hub...

4
Past masters return to Iraq

Past masters return to Iraq

Long deterred under the rule of Saddam Hussein and civil unrest...

Most Discussed
  • 53
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams