Richest Indians in the UAE 2018

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PNC Menon

PNC Menon

Company:

Sobha Group

Designation:

Founder and Chairman

The story of the Indian-born real estate developer started long ago when working as an interior designer in Oman in the 1970s on projects such as the Sultan Qaboos Grand Mosque and Al Bustan Palace Hotel. He later moved to Dubai and founded the Sobha Group of Companies. The property developer is building the $4bn Sobha Hartland community project in Dubai’s Mohammed Bin Rashid City, and District One with Meydan Group. The group also has plans to double its annual sales volume to AED2.5bn ($608m) by mid-2020.

It is also reported that Sobha Group may hold an initial public offering (IPO) in 2021. The IPO will be launched only after the group completes a period of consolidation in Dubai, which will take another three years to complete.

In an interview in May, Menon told Arabian Business that he has “no plans for growth in the GCC outside of the UAE”, although he is mulling over a project in Oman, where he is a citizen. He also said that Sobha has signed an MoU with the Indonesian government to build a luxury tower in the country’s capital, Jakarta.