PNC Menon makes waves with US$4 bn Dubai Hartland project

NRI Billionaire and the Founder-Chairman Emeritus of the Sobha Group of Companies, PNC Menon has created a huge buzz in the UAE by helming a US$4 bn (INR 25,000cr) foray into Dubai’s high-end realty landscape.

Said to be the largest integrated mixed-use development project, Sobha Hartland is spread across a sprawling 183-acre area, a short distance away from the landmark Burj Khalifa tower.


Terming it to be the third part of his professional career and the precursor to a even bigger project planned in Saudi Arabia, 66-year-old Menon is adopting a hands-on approach in developing the 13mn sq.ft of prime residential, commercial, retail and hospitality spaces which is expected to generate a revenue recognition of approx US$4 bn over a five-year period.

The venture also marks the group’s entry into the education space with the launch of two schools within the project that the group plans to own and operate independently.

Sobha is also developing another venture in close proximity to the Hartland project, in tandem with the Meydan Group, which is expected to generate additional revenues of an estimated US$9 bn. With this, the group expects to touch US$1.5 bn in sales from their operations in Dubai in the next 5-6 years.

Sobha Limited, the only Indian listed company (all other group entities are privately held) is now led by Menon’s son Ravi P N C Menon and has a market capitalization of US$760mn.

PNC Menon, with an estimated personal wealth of over US$1.4 bn, is a first generation entrepreneur who began his career by setting up an interior decoration firm in Oman in 1976. He later founded Sobha Developers, named after his wife in Bangalore in 1995.

A proud winner of several prestigious awards including the 'Golden Peacock Lifetime Achievement Award for Business Leadership' by the Institute of Directors in 2014 and the 'Lifetime Achievement Award' in 2013 at the NDTV Property Awards, PNC Menon is also a member of the Prime Minister’s Advisory Council of Overseas Indians.