Company: Sobha Group
Designation: Founder & Chairman
Sobha Group is continuing to progress what its founder, PNC Menon, has described as his “dream” project – the District One development at the $47bn Mohammed Bin Rashid City in Dubai.
The project, which is a joint venture with Dubai-based developer Meydan, will feature the largest crystal lagoon body of water in the world on completion, with 7km of lagoons and man-made beaches spread throughout the site. There will also be an island within the middle containing all of the district’s central amenities, and more than 60% of the 600-acre site will have open spaces.
In total, it wll contain around 47mn ft2 of low-density buildings, including three different styles of villa, restaurants, waterfront cafes, a community centre, school, a mosque and a nursery.
Menon, who is originally from Kerala, India, built his fortune (which is estimated by CW’s sister title Arabian Business to be worth around $795mn) from a subcontracting business carrying out interior decoration jobs in Oman. From there, he has built a contracting and property development empire which had an estimated turnover of around $850mn in 2013.
Its contracting arm is also building the Crystal Towers project in Dubai’s Jumeirah Beach Residences District for developer Al Fattan.