UAE-based Sobha Group plans to begins work on a new mixed-use development in Oman early next year before beginning work on a residential scheme in the Indonesian capital of Jakarta, according to Sobha Chairman PNC Menon.
Speaking to Arabian Business on the sidelines of Cityscape Global in Dubai, Menon said that that the project is being undertaken in partnership with the Omani government.
“It’s a mixed-use project. It’s in a very important area close to the Opera. There will be a hotel and a small mall, an office block, and residential [units],” he said. “We should be started in the early part of next year, in the first half.”
Additionally, Menon said that Sobha has signed a Memorandum of Understanding (MoU) with the Indonesian government to build a “luxury tower” in the country’s capital, Jakarta.
Looking further to the future, Menon said that he remains keen on expansion in the United States and United Kingdom, although that is only likely to happen after several years.
Additionally, Menon expressed an interest in seeking a dual listing in both Dubai and London to finance further growth.
“I hope that in 2021, we should be able to definitely think about going public. Why in two places? Because if you want to be an international company with a lot of dreams, you have to be in London, or New York. But, for this part of the world, it’s London,” he said. “But I definitely want to be listed in Dubai too.”
Sobha Group - which has a separate entity listed on the Indian stock exchange - is currently working on the $4 billion Sobha Hartland and the $8.5 billion District One, both in Dubai.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.