Exclusive: Founder and chairman PNC Menon says the company has no plans for GCC expansion, but is open to possibilities in the US, UK or East Asia
UAE-based Sobha Group may hold an initial public offering (IPO) in 2021, according to founder and chairman PNC Menon.
Speaking to Arabian Business on Monday, Menon said that the IPO will be launched only after Sobha Group completes a period of consolidation in Dubai, which he believes will take another three years to complete.
“I’ll definitely do an IPO. That’s the plan. But that’s post consolidation only, so that could be in 2021,” he said. “I’m waiting. I’m not in a hurry.”
During the interview, Menon said 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.
“There is a discussion currently with the government of Oman,” he said. “I may do that [a project there], but that’s because there is a lot of emotional value there. That country created me.”
Menon, however, said is open to further international expansion further afield after Sobha’s consolidation.
“That’s definitely a possibility,” he said. “One market in which I strongly believe is London, and also the United States.”
He added that he is also exploring expansion possibilities in East Asia, particularly in the Indonesian capital of Jakarta, where he said Sobha is “talking to the government.”
Established by Menon in 1976, Sobha currently has developments and investments in the UAE, Oman, Bahrain, Brunei and India, and is currently developing Sobha Hartland, a mixed-use development in Dubai.
Earlier in May, Sobha launched the “Sobha Creek Vistas”, two twin 28-floor towers in Sobha Hartland that are expected to be completed in 2021.