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The achievement is a testament to his long-standing expertise and commitment, which serves as an inspiration to aspiring entrepreneurs and industry professionals to explore the possibilities in the Middle East’s dynamic business landscape. Furthermore, the milestone achievement is anticipated to set forth a new era of success for PNC Menon, which further underscores his unwavering commitment to excellence in the industry.

MBRGI and Sobha Realty signed a charitable grant agreement for the establishment of an endowment university in Dubai, as part of the Mothers’ Endowment campaign, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to honor mothers by establishing a AED 1 billion endowment fund supporting the education of millions around the world.

Pursuant to the agreement, Sobha Realty will construct and develop a AED 400 million university campus building in Dubai, marking one of the UAE’s largest charity donations. The project will then be handed over to MBRGI.

The proposed endowment university aims to further diversify higher education options available in Dubai to domestic and international students in undergraduate and postgraduate programs.

International standards

His Excellency Mohammad Al Gergawi, Secretary General of Mohammed bin Rashid Al Maktoum Global Initiatives, said the establishment of an endowment university in Dubai according to the highest international standards in educational tools and research methodologies, reflects the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum of prioritizing education as the core of human civilization, and the optimal path towards realizing aspirations of prosperity, stability and development.

“The Mothers’ Endowment campaign, which aims to honor mothers by establishing an endowment fund that supports the education of millions of people across underprivileged communities, reflects a deep understanding of the true meaning of charity and humanitarian work as means to drive progress and empower impoverished individuals by providing them with education and the hope that they can create a better future,” His Excellency Al Gergawi said.

“The charitable grant agreement signed with Sobha Realty is one step ahead towards achieving the main objective of the Mothers’ Endowment campaign, by allowing thousands of students from the UAE and the region to enroll and finish their higher education within a model educational environment,” he added.

PNC Menon, Founder and Chairman of Sobha Realty, said: “The charitable grant agreement signed with MBRGI is part of our joint collaboration to implement impactful projects that benefit vulnerable populations across many countries. This agreement is particularly important to Sobha Realty due to its association with the Mothers’ Endowment campaign, as well as the Group’s keenness to support charity and humanitarian initiatives launched by the UAE to help millions around the world.”

“We are thrilled to be among contributors to the Mothers’ Endowment campaign, and the entity responsible for developing the upcoming campus building in Dubai. We strongly believe that investing in the endowment university will reap huge benefits in the future, both locally and regionally, positively impacting development efforts while solidifying Dubai’s status as a global destination, and an incubator of knowledge,” he added.

Major step

The endowment university, which aims to provide thousands of students with education opportunities, reflects how a culture of endowments has matured and evolved in the UAE.

Reviving the culture of endowment

The Mothers’ Endowment campaign, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum on 4 March, is organized under the Mohammed bin Rashid Al Maktoum Global Initiatives and allows contributors to honor their mothers by donating on their behalf. It aims to provide education and vocational training to underprivileged individuals by supporting education across all levels and vocational tracks, allowing them a chance to improve their quality of life, build their skills and prepare for the job market, which will ultimately drive the stability and development in their communities.

The campaign seeks to revive the culture of endowments as a development tool that ensures sustainable impact and giving, while at the same time highlighting the role of mothers in supporting their children’s education. The campaign also establishes the values of honoring parents, kindness, compassion and solidarity in the community, and further establishes the UAE’s humanitarian role.

I was motivated by a passion for creating high-end, innovative spaces. Upon entering the Indian property market, it was evident that our brand would set itself apart through excellence in construction and customer satisfaction. Our mission at Sobha Limited is to deliver unparalleled quality in construction, from design to execution. This commitment has allowed us to earn the trust of our customers and establish a solid foundation in the industry. While we continue to grow and innovate, we remain loyal to the principles that founded Sobha Limited and guided its growth trajectory.

2. What prompted you to venture into the Gulf region, and how did this contribute to the founding of Sobha Group in Dubai in 2003?

Making the strategic choice to enter the Gulf was motivated by both the need to sustain Sobha's legacy outside of India and the prospect of exploring new markets. The Gulf region – Dubai in particular – offered a unique opportunity for the real estate sector to expand and develop. While Dubai's ambitious plans and progressive outlook aligned with Sobha's dedication to quality and innovation, the city's cosmopolitan environment and standing as a major international business hub made it the ideal setting for us to expand our global presence. The Gulf region's journey has always been distinguished by notable projects and a commitment to designing spaces that are the pinnacle of sophistication and luxury. Sobha Group's presence in Dubai has not only contributed towards this vision but has also helped transform the region's real estate landscape. It has been a rewarding experience, and we continue to seek innovation and excellence in every project we work on.

3. Could you elaborate on Sobha Group's primary focus on luxury residential and commercial projects, particularly highlighting its first signature residential project, the S tower on Sheikh Zayed Road?

Primarily focusing on luxury residential projects, Sobha Group aims to bring unparalleled quality and high-end designs to the real estate sector. Our vision is to create spaces that are more than just buildings, representing an exclusive and refined way of life. The S Tower on Sheikh Zayed Road stands as a testament to this profound commitment, the first signature residential project of Sobha Group in Dubai, was meticulously designed and conceptualised to reflect the highest standards of living. The project was further elevated by its location on Sheikh Zayed Road, one of Dubai's most prestigious addresses. The S Tower offers a sophisticated blend of modern architecture, innovative design, and a variety of amenities to satisfy our diverse clientele. The tower's interior finishes, living space layout, and integration of smart and sustainable features are all examples of the attention to detail that has gone into each of our projects. By focusing on high-end residential and commercial projects, Sobha Group hopes to help create iconic buildings that redefine the city’s skyline and establish new benchmarks for the real estate sector.

4. What luxury amenities and innovative smart living features can we expect from Sobha Group's residential project, the S tower?

With a host of amenities and cutting-edge smart living features that enhance the residential experience, Sobha Group's S Tower is designed to provide an unmatched level of luxury for residents. Some of the key amenities include an infinity pool and spa, a fitness centre, and sky lounge among others. In addition, the tower offers concierge services, smart home automation, as well as energy-efficient systems to enhance the quality of life for customers. Sobha Group hopes to create a residential environment that not only meets the highest standards of quality, but also exceeds the expectations of residents by combining these luxurious amenities with cutting-edge smart living features.

5. Currently, Sobha is overseeing two key projects in Dubai, Sobha Hartland and Sobha Hartland 2. Can you provide details on these projects, including their scope, features, and expected completion dates?

Sobha Hartland and Sobha Hartland 2 are two top-of-the-line developments by the Sobha Group in Dubai, each offering a distinctive living experience. Located in Mohammed Bin Rashid Al Maktoum City, Sobha Hartland is a large-scale development that spans over 8 million square feet and is designed to be an opulent and green community. The flagship project features premium villas and apartments, in addition to ample green spaces and a variety of amenities. Sobha Hartland 2 is a direct extension of the Sobha Hartland community. Both developments promise premium living experiences, along with a variety of lifestyle amenities to improve residents' overall quality of life, such as fitness centres, swimming pools, and recreational spaces. Additionally, the Sobha Hartland 2 provides all of the benefits of being strategically located with easy access to the key areas of Dubai, making it a convenient and well-connected residential community. Sobha Hartland and Sobha Hartland 2 therefore serve as examples of the group's commitment to developing luxurious, sustainable, and well-integrated communities that provide residents with a distinguished lifestyle.

6. The recent deal between Sobha Realty and DMCC for the development of Verde by Sobha in Jumeirah Lakes Towers (JLT) is significant. Can you shed light on the key aspects of this project and its expected impact on the district?

Large-scale real estate initiatives such as Verde by Sobha can contribute to vibrancy in the adjoining community. One common outcome of major construction endeavours is the improvements to the local amenities and infrastructure. It is also possible for significant projects to stimulate economic growth in the area. By attracting businesses, retailers, and other stakeholders, it creates a vibrant economic ecosystem. This has the potential to raise the district's general standard of living and improve its appeal as a place to live and work.

7. How does Sobha Realty's 'Backward Integration' model, leveraging in-house talent from design to development, set it apart in the real estate industry?

This “Backward Integration” model entails utilising in-house talent across every aspect of the real estate development process, from design to development and beyond. By having in-house expertise in design, architecture, engineering, and construction, Sobha Realty maintains total control of the development process as a whole. This control guarantees that the highest quality standards are consistently met at all stages. Essentially, the ‘Backward Integration’ model of Sobha Realty represents a comprehensive and active approach to real estate development. The model assists the organisation in upholding its commitment to quality, innovation, timeliness and customer satisfaction by setting a standard for comprehensive and integrated project delivery in the industry.

8. Verde by Sobha, the upcoming luxury development, comprises 58 floors with one to three-bedroom apartments. What unique features and design elements will distinguish this project in the JLT district?

With a unique blend of features and design elements, Verde by Sobha Realty is positioned to be a standout luxury development in the Jumeirah Lake Towers (JLT) community. The 58-story building is intended to distinguish itself in the JLT skyline by combining modern aesthetics with timeless elegance. These opulent apartments, ranging from one to three bedrooms, are exquisitely designed with a keen eye for detail. In addition, Verde offers a range of amenities to meet the various lifestyle requirements of its residents. The development also incorporates smart home features, which are in line with Sobha Realty's commitment to innovation. Our focus on sustainability is also reflected in Verde's integration of environmentally-friendly design and energy-efficient technologies. Located in one of Dubai's dynamic neighbourhoods, Verde will elevate the standards of luxury living through its new-age features and design elements.

9. Dubai is known for its diverse and competitive business landscape. How did Sobha differentiate itself in the market and seize opportunities for growth within the city's dynamic business ecosystem?

Sobha Realty has effectively set itself apart in the ever-changing business landscape of Dubai by combining strategic approaches with a commitment to quality. Our emphasis on precision engineering, attention to detail, and the use of premium materials has distinguished Sobha Realty in a market where quality is a crucial differentiator. Our focus on innovative design and modern aesthetics has also been a distinguishing factor, which have resulted in exceptional design concepts and architectural elements that have resonated with customers. Moreover, Sobha Realty's ‘Backward Integration’ model, which leverages in-house talent for all construction operations, gives us a clear advantage in the sector. Together, these elements have allowed Sobha Realty to carve a niche for itself in the competitive business environment of Dubai, as well as uphold high standards of quality and develop innovative designs.

10. Sustainability is becoming increasingly important for businesses. In what ways has Sobha incorporated sustainability practices into its operations, aligning with Dubai's focus on sustainable development?

We have taken proactive measures to integrate sustainable practices into our operations, aligning with the worldwide and regional emphasis on sustainable development, as well as Dubai's commitment to environmental stewardship. By combining eco-friendly materials, sustainable construction techniques, and energy-efficient features, we actively promote green construction. We use energy-efficient technologies in our projects to reduce energy consumption, while also incorporating green spaces and landscaping to promote biodiversity and improve overall environmental quality. The company’s integration of sustainable practices into its business thus demonstrates Sobha Realty’s comprehensive dedication to environmentally and socially responsible development.

11. Looking ahead, what strategic plans or initiatives does Sobha have in place to continue its growth trajectory in Dubai and capitalise on future opportunities within the city's dynamic business landscape?

At Sobha Realty, we recognise the importance of diversifying our real estate portfolio by exploring new varieties of developments such as mixed-use projects, hospitality, and commercial spaces. Likewise, the company looks forward to taking advantage of new opportunities by partnering with strategic local and foreign partners. This can also allow us to consider expanding footprint beyond Dubai into other international markets. More importantly, integrating sustainable practices and eco-friendly elements into our developments will continue to be a top priority due to the growing emphasis on environmental consciousness. As the company continues to grow, we will work diligently to navigate the complexities of the real estate market and capitalise on emerging opportunities in Dubai's dynamic business environment.

2. Given the evolving economic landscape, what strategic shifts or innovations do you anticipate in the luxury real estate sector this year?

In response to the shifting economic environment, the luxury real estate industry is modifying its strategy by focusing on technological integration, immersive virtual experiences, and sustainable practices. Smart houses, eco-friendly architecture, and wellness-focused amenities are becoming increasingly popular in response to the evolving needs and values of luxury property buyers.

3. Are there specific regions within Dubai that you believe are emerging as hotspots for luxury real estate investments this year?

Dubai has surpassed other international real estate hotspots to become a global leader in the luxury property market. The demand for luxury real estate among local consumers is anticipated to soar as we look at thriving hubs within Dubai. MBR, or Mohammed Bin Rashid Al Maktoum City, is one such location that is in demand this year. We believe buyers can purchase a luxury property in a bustling, metropolitan location or a calm, serene setting depending on their lifestyle and needs, and Dubai offers a wide variety of these options.

4. Considering the global trends in sustainable living, how is the UAE's luxury real estate market incorporating eco-friendly features and designs in 2024?

In 2024, the UAE's luxury real estate market will be progressively integrating eco-friendly features and designs, in keeping with global developments in sustainable living. These advancements, which are in line with the country's commitment to environmental responsibility, focus on energy efficiency, green construction certifications, and environmentally friendly landscaping. The UAE's declaration of 2023 as the Year of Sustainability and the world's spotlight on Dubai for hosting the prestigious COP28 summit later that year further promoted this vision. We have also witnessed a significant surge in sustainable luxury real estate in recent years due to the demand for environmentally and socially responsible living options among consumers. This trend has compelled developers to integrate sustainable practices and technologies into luxury real estate projects, completely transforming the country's real estate segment.

5. What impact, if any, have geopolitical factors had on the real estate market in the UAE, especially in the luxury segment, and how do you foresee these factors shaping the industry in the coming months?

Despite the uncertainty in the global economy, the UAE's reputation as a safe haven for investors is likely to prevail, driving more investors to enter the UAE real estate sector. Similarly, an influx of expats is also boosting rental property demand. Dubai’s status as a global business and tourism hub further makes it susceptible to global economic fluctuations. Though investor sentiment may be influenced by global uncertainties, the UAE's stability and pro-business policies continue to attract a multitude of buyers. These elements, in our opinion, are likely to influence industry dynamics and highlight the significance of adaptability and strategic risk management.

6. As a seasoned expert in the industry, what advice would you offer to individuals looking to make long-term investments in the UAE luxury real estate market in the current economic climate?

My advice to anyone considering making long-term investments in the UAE's luxury real estate market is to undertake extensive research, taking into account factors including location, developer reputation, timely project delivery, and most crucially, quality. Another crucial consideration is to embrace sustainable and technologically advanced properties that fit with evolving preferences. Additionally, a strong grasp of the UAE’s legal landscape that governs every real estate transaction will help buyers make informed decisions and unlock the full potential of the investment.

Having resided in the Gulf for the past 48 years, Mr. Menon has made Dubai his home since 2003, further solidifying his presence and influence within the Middle Eastern business landscape.

Venturing into real estate:

Guided by a commitment to transparency and dedication, Mr. Menon established himself as a leader in the market, known for his consistent quality in construction and interior design. Following his achievements in the Middle East, Mr. Menon ventured into the emerging Indian real estate sector, recognizing the need for quality construction services. In 1995, he founded Sobha Developers, selecting Bangalore as its headquarters. Sobha Ltd, now a publicly traded company with a market capitalization of $1.5 billion, with operations across 24 cities and in 13 states in India.

Over the past five years, Sobha has consistently achieved recognition for its outstanding development work, distinguishing itself within a competitive field of more than 12,000 developers across India. This acclaim is a testament to the group's commitment to delivering projects that meet the highest standards of quality in both construction and design aesthetics. The foundation of Sobha's success lies in its holistic approach to development, which encompasses meticulous planning, innovative design, and exceptional execution. Each project undertaken by Sobha reflects the company's dedication to excellence, from the initial concept phase through to the final completion. Furthermore, Sobha's achievements in the real estate sector are underpinned by its adoption of cutting-edge technologies and sustainable practices, aligning with global standards and contributing to the creation of environmentally friendly and energy-efficient buildings. As Sobha continues to expand its footprint, the group remains dedicated to pushing the boundaries of innovation in the real estate industry, setting new benchmarks for quality and sustainability.

As the India business continued to grow, Mr. PNC Menon began exploring international opportunities to fuel further growth and, as a result, he founded PNC Investments in 2011 to bring the "Sobha" brand to the UAE. After entering the Dubai market, Mr. Menon launched Sobha Hartland and District One. Sobha Hartland is a $4 billion luxury mixed-use development spread over 8 million square feet. District One, an $8 billion joint venture with Meydan Group, includes 1,500 ultra-luxury villas.

Currently, under Menon's strategic leadership, the Sobha Group has expanded its footprint across Dubai with seven master plans, demonstrating a commitment to broadening its presence within the emirate through multiple projects. Among these, the flagship community of Sobha Realty is Sobha Hartland, a community providing homes to over 11,000 residents and encapsulating the essence of luxury and sustainability. In addition to Sobha Hartland, the group has initiated several other master plans including Sobha Hartland II, The S Tower, Sobha SeaHaven, Sobha Reserve, Sobha One, among others.

Philanthropic initiatives:

Menon also possesses a deep commitment to philanthropy. Believing firmly in the importance of contributing to society, he has pledged 50 percent of his wealth to charity and is a participant in the ‘Giving Pledge’ initiative by the Bill & Melinda Gates Foundation alongside Warren Buffet. His philanthropic endeavours are diverse, focusing on education, health, employment, water, sanitation, and housing, among others. Menon views these efforts not as charity but as a duty to give back to society. His philanthropic activities span across multiple sectors, demonstrating his dedication to making a meaningful impact on society through diverse contributions and projects aimed at improving lives and fostering sustainable development.

In the UAE, Menon’s contributions have significantly supported social empowerment, education, and healthcare initiatives. He is actively involved with the Rashid Centre for People of Determination and the Al Jalila Foundation, contributing to medical innovation and treatment of severe illnesses. His donations include $13.6 million to the One Billion Meals Endowment fund and $1.3 million to the BAPS Hindu Mandir in Abu Dhabi, reflecting his commitment to cultural diversity and social development.

In Oman, Menon has pledged $24.9 million over the next decade to build 300 homes for orphaned and disadvantaged families. In India, through the Sri Kurumba Educational and Charitable Trust, he supports various CSR programmes. His initiatives include adopting economically backward areas, constructing 1000 homes for underprivileged families, and launching educational and vocational training programmes to empower the disadvantaged and promote environmental sustainability. Menon is dedicated to embedding sustainable practices throughout his companies' operations, ensuring environmental protection and the welfare of the community through a commitment to responsible, ethical, and strong governance.

Sobha’s backward integration model

Sobha inculcates a comprehensive backward integration model, a unique approach that has been featured as a case study on 'Backward Integration' by Harvard Business School, showcasing its innovative practices in real estate development.* The organisation boasts a complete array of competencies and internal resources capable of overseeing a project's lifecycle from its initial conceptualisation through to its ultimate completion.

Spanning across the UAE and India, the group's business operations encompass a wide array of sectors including real estate development, contracting and construction, metalworking, provision of building services, production of construction materials, and offering architectural, engineering design, and consultancy services. Additionally, the group is engaged in retail and software development, reflecting its diverse portfolio.

*(https://hbsp.harvard.edu/product)

The Forbes billionaire left India for Oman in 1976, setting up an interior design firm that would take on some of the sultanate's defining projects before expanding to Bahrain and Qatar. Today, Menon’s business empire stretches from India to the UAE, with businesses spanning construction, real estate, design, manufacturing, retail, and more. But Sobha is not just renowned for size and scale; as a business, it is truly unique.

“We are the only company in the whole world that is totally backward integrated,” explains Menon, whose multi-billion-dollar enterprise is named after his wife. Its unique status has in fact turned Sobha Group into a case study at Harvard Business School and has been one of the main drivers of the company’s enduring success.

“I have always believed that once you're able to control your contracting, manufacturing, and designing, you have total control of cost, quality, and time,” says the 75-year-old business titan, adding that the company is often able to deliver projects two to three months ahead of time.

Menon’s approach to business has enabled Sobha Group to hit incredible numbers, with the founder expecting annual sales to reach $4 billion this year, potentially reaching $5 billion in 2024.

Sobha’s founder-chairman is also a man of detail. By his own admission, he is not open to compromise. “I'm very finicky – I cannot accept anything that is mediocre. The most important thing for me is to make sure that everything is perfect,” he says.

In the pursuit of perfection, Menon sees no better place on Earth than Dubai to do business and the Omani passport holder has called the wider GCC region home for 47 years and counting. Still, as the group looks to the future, its vision extends beyond the region’s borders, with significant potential on the horizon in the United States.

For Menon, the future also means ensuring the right people are in place to drive the business into the future, and he believes he has the right team for the job. His son, Ravi Menon, who serves as co-chairman, has been onboard since 2004, while Sobha Realty’s managing director, Francis Alfred, has worked at the company for 22 years.

With the talent, resources, and opportunities in place, the future looks bright for Sobha, but the group’s ascendancy has not been without challenge. According to Menon, 2009 dealt a particular blow. “The whole world went through a recession or depression, and we also became a victim of that,” says the founder. “One thing I learned is leveraging real estate industry is very cyclical, so you have got to make sure that you have a strong equity base,” he advises.

Menon’s wisdom is based on decades of firsthand experience, and while he has achieved almost unparalleled success in his industry, his mind is focused squarely on tomorrow. “Today and yesterday are past. The future is more important,” he insists. At Sobha, that future means advanced technology, innovation, and blazing new trails. “We'll be one of the first set of people, at least in Dubai, to get into robotics and artificial intelligence,” says the business mogul.

In fact, Sobha has already started. The group is busy setting up an office with robotics and AI engineers and Menon is excited about the potential ahead. “Countries such as the United States, Germany, Japan, and Korea have already introduced robotics into the construction or building industry, and hopefully we should be integrating ourselves within the next few years,” he says. “That challenge is for my son.”

The campaign aims to establish the largest Ramadan sustainable food aid endowment fund during the Holy Month of Ramadan, providing a food safety net for underprivileged populations in countries with food insecurity.

Sobha Realty has pledged to contribute AED 50 million over a span of five years to support the campaign, which aims to mobilise regional, international, and local efforts to implement programmes that can eradicate hunger within an institutional framework.

This initiative builds on previous successful food aid campaigns, including “10 Million Meals”, “100 Million Meals”, and “1 Billion Meals” launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum over the past few years.

Coinciding with the holy month of Ramadan, the campaign is perfectly aligned with occasion’s message of giving and charity, and aims to support underprivileged communities in countries around the world, by creating a food safety net.

Individuals, institutions, businesses, charity and social entities support the “1 Billion Meals Endowment” campaign and its endeavour to implement sustainable programs to fight and eradicate hunger within a sustainable institutional framework.

The pledge to contribute Dh50 million over a period of 5 years is an extension to Sobha Realty’s continuous support for humanitarian efforts, including its donation of Dh1 million towards last Ramadan’s “1 Billion Meals” campaign which provided meals across 50 countries.

A better future

PNC Menon, Founder and Chairman of Sobha Realty: “We are keen to support humanitarian initiatives, including the “1 Billion Meals Endowment” campaign, inspired by Sheikh Mohammed bin Rashid Al Maktoum’s vision of sustainable humanitarian efforts within an integrated institutional framework that highlights the role of effective partnerships. Millions of people around the world suffer from hunger, and it is our duty to contribute to creating a better future where the nutrition needs are sufficiently met. This vision aligns with objectives of this campaign and builds upon the outcomes of previous food provision campaigns”.

An ongoing charity

Organised by Mohammed bin Rashid Al Maktoum Global Initiatives, the “1 Billion Meals Endowment” campaign is a practical response towards achieving the UN Sustainable Development Goals for 2030, prominent among which is the fight against hunger.

On the other hand, the campaign’s food endowment fund represents an ongoing charity that allows the participation of everyone wishing to do good and help others.

“The decision to establish my company in Dubai was influenced by the dynamic environment, visionary leadership, and the exciting opportunity to contribute to the burgeoning real estate sector in the Emirates,” said Menon, who is marking his 75th birthday and 47 years of business in the region, including the initial 27 years in Oman.

On the outlook of the real estate sector and how Sobha Realty has positioned itself in this dynamic market, Menon said the phenomenal growth of the sector could be attributed to factors like economic stability, infrastructure development, and a cosmopolitan lifestyle. “Sobha Realty has positioned itself by consistently delivering on its promises, creating iconic developments that resonate with the aspirations of our diverse clientele. To sum up, the outlook for the realty sector is very promising. What Dubai did in the last three years is unimaginable. Because they wanted more people to come and live in Dubai.”

“If we look at the whole world today, there are only two places that are safe to stay. First is Dubai, and second is Singapore. The crime rates are really low in these places and above all, the women are very safe here. I think the kind of assurance that’s been given by the leaders themselves to make this probably one of the best places on earth in terms of safety is remarkable,” said Menon.

The luxury segment of Dubai’s real estate market has made spectacular progress in attracting a lot of millionaires, centi-millionaires, and billionaires. Albeit known for its prominence in the luxury segment, Menon said Sobha’s projects can be classified as mid to high-range. “But we are not in the low segment as we produce everything of very high quality. Over the years, we have enhanced our capabilities to attain the current reputation we have. I embarked on my journey in this industry at the age of 21, and now I have acquired 54 years of experience in this sector. Still, I’m learning new things every day. We started our business in India and later on we expanded to Oman. The exceptional progress we made is especially due to our uncompromising attitude. We have achieved several milestones in these years, one of our major achievements is that our backward integration approach is a case study in Harvard University.”

“Perhaps, we are the only company in the whole world that follows a backward integration approach in the design, construction, and manufacturing stages of a project. We have got 250 architects and around 84 interior designers to support us. We currently have a workforce of about 14,000, which will reach 24,000 by next year,” said Menon.

Looking back at his early days in the real estate sector and the challenges he had faced, Menon said those experiences instilled resilience and a customer-centric approach in his group’s DNA while shaping its commitment to quality, transparency, and ethical business practices.

On his group’s commitment to quality and innovation, Menon said it is exemplified in projects like Sobha Hartland, a waterfront community that blends luxury with nature. Innovations like an in-house precast factory showcase the group's dedication to pushing boundaries and delivering projects of unparalleled quality.

“Staying ahead involves a relentless pursuit of innovation. Sobha Realty embraces cutting-edge technologies, sustainable practices, and customer-centric design to anticipate and meet evolving preferences. Our adaptability ensures we remain a trendsetter in the industry,” Menon said.

A Memorandum of Understanding (MoU) in this regard was signed in the presence of Gujarat Chief Minister Bhupendra Patel, according to a statement.

"Menon's philanthropic commitment of ₹10 billion over the next five years towards Sabarmati Riverfront development, is in line with his earlier commitment to donate 50 per cent of his personal wealth to causes that help communities and foster all round development and progress in the country, reflecting his continued and unwavering dedication to giving back to the community," the statement said.

Menon said: “It has been my dream to be a part of a riverfront development project. My philanthropic contribution to the Sabarmati Riverfront Project is a testament towards realising my dream. By partnering with the Gujarat state government, Sobha aims to not only preserve the environment and improve the well-being of the people it serves, but also enhance the riverfront's aesthetics.”

In May 1997, the Ahmedabad Municipal Corporation (AMC) formed a Special Purpose Vehicle (SPV) — the Sabarmati Riverfront Development Corporation Limited (SRFDCL). The SRFDCL was entrusted with the responsibility of turning the Riverfront into a major urban asset for the city. One of the key features of this project is a two-level, continuous promenade at the water’s edge along each bank of the river. The 11.5km long promenades built serves pedestrians and cyclists and provide access to the water and hosts a variety of public features at the city level - picturesque Parks & Gardens, Riverside Walkways, Atal Bridge, Biodiversity Park, state-of-the-art Sports Parks, Event Centre etc.

Sabarmati Riverfront Corporation Ltd had approved concept planning and design of phase – 2 in October 2020. Phase-2 of Sabarmati Riverfront Project involves 5.8km addition to existing 11.5km stretch of Riverfront East, upto Indira bridge, and another 5.2km addition to existing 11.5km stretch of Riverfront West, upto Indira bridge.

The Phase-3 of the riverfront development would be done as a collaboration between SOBHA Realty Dubai and the Gujarat state government symbolizing a shared vision to create sustainable, inclusive, and vibrant urban spaces that uplift communities and foster economic growth. The 4.5km stretch in Phase-3, on each side of the riverfront, would be developed aesthetically thereby transforming an additional stretch of the Sabarmati riverfront. — agencies