Latest news with #SobhaGroup
Arabian Business
28-05-2025
- Business
- Arabian Business
EXCLUSIVE: Dubai real estate giant Sobha Realty eyes 3 Texas cities for major U.S. expansion
Dubai-headquartered luxury property developer Sobha Realty has revealed more of its plans to expand into the United States market, with Texas cities forming the 'cornerstone' of its international growth strategy. The company, which has operated in the UAE since 2013, will focus on Dallas, Houston, and Austin for its U.S. debut. In an exclusive interview with Arabian Business, Ravi Menon — Chairman of Sobha Group — cited the cities' rapid population growth, strong economic fundamentals, and demand for luxury residential developments as key factors in the decision. UAE property giant Sobha Realty to enter $2 trillion U.S. real estate market 'Expanding into the U.S. market has always been part of Sobha Realty's long-term vision and strategic roadmap,' Menon said, citing that the U.S. real estate market sales is expected to reach a staggering $1.9-2.0 trillion by 2025 according to Goldman Sachs forecast. 'It represents one of the most robust and diverse investment landscapes globally and offers substantial potential for growth and brand positioning, exciting opportunities that we are eager to explore,' he added. The expansion comes after Sobha Realty recorded record-breaking sales in 2024. The company has not disclosed the investment amount for its U.S. operations, though Menon emphasised the market's alignment with company values. 'With a thriving demand for luxury residential properties, especially among HNWIs seeking quality and reliability, the U.S. aligns perfectly with the company's commitment to 'Art of The Detail,' craftsmanship, and exceptional living standards,' he explained. Sobha Realty plans to leverage its 'Backward Integration' model in the U.S. market, which involves in-house management of the entire development cycle from concept to completion. The approach includes internal manufacturing of components, allowing the company to maintain quality control throughout the construction process. 'This level of control allows us to ensure consistency, precision, and superior quality across every element of our projects. Very few developers in the U.S. market currently adopt this model, which means we are ready to bring something truly different and exciting to the market,' the chairman said. He further highlighted the manufacturing element as particularly significant, with what truly sets Sobha Realty apart is their in-house manufacturing. 'By manufacturing critical components internally, Sobha Realty guarantees lasting quality, resulting in developments that stand the test of time,' Menon said, adding that the model also enables faster delivery times. 'This comprehensive control not only ensures quality but also accelerates the construction timeline. This means quicker delivery and a timely handover, giving you the assurance that your Sobha home will be ready when you need it,' Menon added. In addition, Sobha Realty's competitive positioning in the U.S. market will draw on its international experience, he said. 'Sobha Realty will enter the U.S. market as a seasoned international brand with a proven track record in some of the world's most competitive real estate environments. 'The experience in the UAE, which is one of the most diverse and dynamic markets globally, has equipped Sobha Realty with deep insights into the preferences of international buyers and the ability to deliver unmatched quality on a scale,' Menon explained. U.S. 'perfect platform' for Sobha Realty's positioning as global luxury brand The company believes its integrated approach will differentiate it from competitors. 'Very few developers in the U.S. market currently adopt this model, which means we are ready to bring something truly different and exciting to the market,' Menon said. 'We firmly believe that the U.S. market is ready for a brand that combines international excellence, attention to detail, and end-to-end control in real estate development.' To boost its U.S. operations, the company will further combine global expertise with local talent. 'We will continue to harness the expertise of our globally trained teams, including our in-house pool of more than 350 architects who are dedicated to design precision and high-quality craftsmanship,' Menon said, adding that local integration remains a priority. 'At the same time, we deeply grasp the significance of local insight and community integration. As we venture into the U.S., we will actively seek local talent across various functions. This approach ensures that we don't just enter the market but become an integral part of it,' he explained. So far in the UAE, Sobha Realty has built a reputation through developments including Sobha Hartland, Menon said, attributing the company's success to multiple factors. 'Since our inception in the UAE market in 2013, Sobha Realty has consistently set benchmarks in luxury real estate. Our developments, such as Sobha Hartland, have not only transformed skylines but also redefined community living,' he said. 'This legacy of excellence has not only fostered trust and recognition among our clientele but also significantly influenced the UAE's real estate landscape, positioning us as one of the preferred developers in the region,' Menon explained, adding that the company plans to sustain momentum by aligning with government initiatives. 'Our priorities align closely with key government initiatives and policies, especially those aimed at sustainable growth, innovation, and high-quality urban development,' Menon concluded, adding that the company will 'continue to synchronise' its strategy in line with Dubai's 2040 Urban Master Plan and UAE sustainability objectives.
Gulf Business
14-05-2025
- Business
- Gulf Business
Sobha raises $500m in oversubscribed sukuk offering; launches flagship app
Image: Supplied The company confirmed the successful issuance of the sukuk under its newly established $1.5bn Sukuk Issuance Program. The sukuk, which matures in 2029, was oversubscribed three times, with an orderbook reaching $1.54bn. Initial price thoughts were set at 8.375 per cent, but strong investor demand allowed the profit rate to tighten by 37.5 basis points to 8 per cent annually. The issuance saw strong interest from both regional (61 per cent) and international (39 per cent) investors, reflecting robust confidence in the company's fundamentals and Dubai's real estate market. The sukuk will be listed on both the London Stock Exchange (LSE) and NASDAQ Dubai. 'This underscores the continued confidence of the investor community in our financial stability and strategic direction,' said Ravi Menon, chairman of Sobha Group. He highlighted the strength of the company's 'backward Integration' model, which supports its growing revenue backlog, top-line performance, and EBITDA generation. The issuance follows Moody's recent upgrade of PNC Investments (Sobha Realty's parent company) to Ba2/Stable, and is expected to receive a Ba2/stable rating by Moody's and BB/stable by S&P. A consortium of institutions including ADCB, ADIB, Arqaam Capital, DIB, Emirates NBD Capital, J.P. Morgan, Mashreq, RAKBANK, Sharjah Islamic Bank, Standard Chartered, and Warba Bank acted as joint lead managers and bookrunners. Clifford Chance, Dentons, and Grant Thornton supported the legal and financial aspects of the issuance. Sobha launches app to advance customer experience In a parallel move to enhance customer engagement, Sobha Realty unveiled a new brand film for its ONE Sobha App, developed in collaboration with Tejal Patni and ANC Advertising Agency. The film emphasises Sobha's 'Art of the Detail' approach, showcasing the app as a digital companion for residents and prospective buyers, combining intuitive technology with luxury real estate services. 'The ONE Sobha App is a natural evolution of our philosophy, offering a seamless tool that enriches lifestyle at every stage of the journey,' said Ashish Parakh, group chief sales and marketing officer. The app allows residents to manage property-related tasks — from booking amenities to guest access — and provides potential buyers with real-time inventory updates, digital payments, and support in over 100 languages. In other news, Sobha Realty launched a major
Zawya
14-05-2025
- Business
- Zawya
Sobha Realty successfully issues $500mln sukuk
The new sukuk was issued under its recently established Sukuk Issuance Program; received strong interest from both regional and global investors The new issuance is a 3.75-year sukuk, set to mature in 2029, offering a profit rate of 8% annually Dubai, UAE: Sobha Realty, the leading global luxury real estate developer, yesterday announced the successful issuance of USD 500 Mn sukuk under its recently established USD 1.5 Bn Sukuk Issuance Program. This latest sukuk will be listed on the London Stock Exchange (LSE) and NASDAQ Dubai. For this USD 500 Mn 2029 maturity sukuk issuance, the order book was oversubscribed three times to reach USD 1.54 Bn. Initial Price Thoughts (IPTs) were set at 8.375%. However, strong interest from regional and international investors led to a notable price tightening of 37.5 basis points, bringing the effective yield to 8% p.a. Of the total issuance, 61% has been allocated to local and 39% to international investors, respectively, reaffirming investors' confidence in Sobha Realty's growth and Dubai's real estate sector outlook. Mr. Ravi Menon, Chairman of Sobha Group, said: 'The successful completion of Sobha Realty's USD500 million sukuk issuance underscores the continued confidence of the investor community in our financial stability and strategic direction. Our strategy, underpinned by our Backward Integration model, continues to yield strong financial results, including a substantially healthy revenue backlog, increased topline, and EBITDA generation. This reinforces our long-term commitment to growth and value creation.' Maturing in 2029, the new sukuk issuance follows the recent upgrade of PNC Investments LLC (PNCI), the parent company of Sobha Realty, by Moody's rating. In April 2025, Moody's upgraded PNCI's rating to Ba2/Stable from Ba3/Stable. In line with the improved existing rating, the newly issued sukuk are expected to achieve Ba2/stable rating by Moody's and BB/stable rating by S&P. Sobha Realty appointed Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Arqaam Capital, Dubai Islamic Bank, Emirates NBD Capital, J.P. Morgan, Mashreq, RAKBANK, Sharjah Islamic Bank, Standard Chartered Bank, and Warba Bank as Joint Lead Managers and Joint Bookrunners. Having supported Sobha Realty's previous issuances, these institutions bring the proven expertise necessary to ensure continued success. Furthermore, as part of the Sukuk issuance process, Sobha Realty appointed Clifford Chance and Dentons as legal counsels and Grant Thornton as financial auditor, reinforcing its commitment to the highest standards of governance and collaboration with leading institutions. About Sobha Realty Sobha Realty is an international luxury developer committed to redefining the art of living through sustainable communities. Established in 1976 as an interior decoration firm in Oman by PNC Menon – a visionary entrepreneur – the company has grown its presence with developments and investments in the UAE, Oman, and India. For nearly five decades, Sobha Realty has been redefining the real estate value chain through 'Backward Integration' by leveraging its inherent in-house capabilities of conceptualisation, design, and development. Today, the firm has developed into one of the most prominent and premium real estate developers in the UAE and aims to become a global real estate developer with its essence, the 'Art of the Detail,' remaining deeply embedded in the organisation's DNA. With a proven track record of delivering projects ahead of schedule, the company has thirteen masterplans across the UAE and is continually expanding its presence in the city with a number of other prominent projects. The flagship community of Sobha Realty (Sobha Hartland) is a thriving community that is home to over 11,000 residents. Sobha Siniya Island, Sobha Realty's masterplan and its very first-ever luxury island project, features luxury villas, mansions, and resorts within a serene island setting.
Zawya
13-05-2025
- Business
- Zawya
Six-tower Sobha Central launched on Dubai's Sheikh Zayed Road
Sobha Realty, a leading global luxury real estate developer, has announced the launch of its latest landmark masterplan development in Dubai – Sobha Central on Sheikh Zayed Road. Envisioned as the next transformative lifestyle hub, Sobha Central will rise as a vertical urban sanctuary with six premium residential towers. It is designed as a self-contained, future-forward address where luxury, lifestyle, and business converge, said the developer in a statement. The development launches with 1,225 homes - a curated mix of one- and two-bedroom residences crafted for those seeking prestige, accessibility, modern amenities, functional design, and exceptional investment, it added. It offers a comprehensive mix of world-class amenities, working spaces, entertainment venues, and futuristic retail experiences, truly making it a global hub within itself. Commenting on the launch, Ravi Menon, Chairman of Sobha Group, said: 'Sobha Central is a bold expression of our vision to shape the future of urban living in Dubai. Strategically located on the most powerful corridor of the Middle East – Sheikh Zayed Road, this development goes beyond architecture to create a self-sustained high living community that blends design, connectivity, and functionality.' 'Every element reflects our 'Art of The Detail' philosophy, an uncompromising commitment to quality and precision. With Dubai's real estate market on an upward trajectory, Sobha Central caters to the evolving aspirations of modern homeowners and investors seeking long-term investment value in a vibrant, central location.' Backed by Sobha Realty's Backward Integration Model, the masterplan was unveiled with the first tower slated for delivery December 2029. At the heart of the development, six towers are seamlessly linked by an elevated circulation path that connects residents to an array of indoor amenities - including the gym, theatre, clubhouse, and more. This pathway extends to select lift cores, providing direct internal access to a world-class shopping mall, restaurants, supermarkets, and a Grand Hall for the convenience of both the residents and the surrounding community. The project delivers mixed-use versatility with residential, retail, healthcare and office offerings. The integrated retail podium also delivers a car-free luxury shopping and dining experience right at the residents' doorsteps. Outdoors, private themed courtyards are nestled within a lush central park, offering moments of calm, community, and recreation. Residents will also enjoy over 250,000 sq ft of open space, with sky-level amenities such as landscaped terraces, infinity pools, wellness lounges, and recreational decks- all designed to elevate everyday living. Strategically located along the spine of Dubai, Sobha Central offers exceptional connectivity to beaches and major destinations nearby like JBR, Dubai Marina, Dubai Internet City, and Dubai Media City- enhancing both lifestyle and investment value. 'Recent industry reports highlight Marina, JLT and surrounding corridors among Dubai's most resilient sub-markets, recording rental yields of 7–10% and consistent capital appreciation; positioning Sobha Central as a prime asset for both end-users and investors,' added Ravi Menon. In line with Sobha Realty's commitment to sustainable, forward-thinking development, Sobha Central incorporates eco-smart solutions such as double-glazed façades, energy-efficient HVAC systems, EV charging stations, and advanced district cooling. The use of locally sourced materials further reduces environmental impact and reinforces the brand's responsible design ethos. -TradeArabia News Service. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
12-05-2025
- Business
- Zawya
Sobha Realty launches six-tower development on Dubai's Sheikh Zayed Road
Dubai developer Sobha Realty has launched Sobha Central on Sheikh Zayed Road, a project comprising six luxury high-rise residential towers. The development will house 1,225 dwellings, comprising one and two bedrooms. The first tower is slated for delivery in December 2029, the developer said in a statement. The six towers will be linked by an elevated circulation path that connects residents to an array of indoor amenities - including the gym, theatre and clubhouse. This pathway will extend to select lift cores, offering direct internal access to a shopping mall, restaurants, supermarkets, and a Grand Hall. Residents will have access to over 250,000 sq. ft. of open space, with sky-level amenities such as landscaped terraces, infinity pools, wellness lounges, and recreational decks. Marina, JLT and surrounding corridors among Dubai's most resilient sub-markets recorded rental yields of 7 percent to 10 percent and consistent capital appreciation, Ravi Menon, Chairman of Sobha Group, said in the statement. Sobha Central will incorporate eco-smart solutions such as double-glazed façades, energy-efficient HVAC systems, EV charging stations, and advanced district cooling. The statement didn't disclose project name, construction details, financials or location. In February 2023, Sobha Realty and DMCC had signed an agreement to launch a luxury mixed-use development in the Jumeirah Lakes Towers (JLT) district. (Writing by P Deol; Editing by Anoop Menon) (
