‘We expect to launch first masterplan development in Texas in 2025’: Ravi Menon, Sobha Group chairman

Dubai in the United Arab Emirates is fast emerging as the go-to place for businessmen, millionaires and investors thanks to its business-friendly policies and no individual income tax. According to a recent report on top 50 cities for millionaires by Henley & Partners, Dubai has seen growth in millionaires more than double over 2014-2024; it is now home to 81,800 millionaires, including 237 centi-millionaires and 20 billionaires. This has driven a massive boom in real estate market in the emirate. In an interview with THE WEEK, Ravi Menon, chairman of Sobha Group, one of the leading developers in Dubai, shares his views on Dubai's market and the potential there. Importantly, Sobha has recently announced its entry into Australia and the United States of America. Menon also threw a light on the plans there.

 

Q. We see Dubai increasingly becoming attractive for businesses from around the world with its friendly policies. Could you give us an overview of how this is driving Dubai's real estate demand?

 

Dubai has become a magnet for businesses, investors, and high-net-worth individuals from around the world. This multifaceted growth can be attributed to a variety of factors, including Dubai’s famous business-friendly policies, low corporate tax and no income tax for individuals, along with a transparent and progressive regulatory environment.

 

Between 2014-2024, Dubai saw 102 per cent growth in the millionaire population seeking elevated lifestyle, stability, and the opportunity of capital preservation. This combination of strategic government initiatives, robust economic outlook, and surge in foreign investment has created significant demand for both residential and commercial properties.

 

We are witnessing this demand first-hand, with increasing interest from international investors, business leaders, HNWIs and professionals seeking long-term residence in a stable, well-connected, and opportunity-rich city. In addition to driving economic growth across the spectrum, Dubai’s business-friendly environment creates ideal circumstances to support long-term real estate demand.

 

Q. Sobha Realty has many projects upcoming in Dubai. What's the kind of growth you are expecting in the region over the next 12-24 months?

 

At Sobha Realty, now we have 13 masterplans across the UAE, and we have accelerated our growth strategy with ambitious expansion plans across the UAE and beyond. In Dubai, we recently announced Sobha Central on Sheikh Zayed Road- a landmark development featuring six premium residential towers. This project is set to redefine mixed-use living in the emirate and marks a key milestone in our journey.

 

Expanding beyond Dubai, we have made a significant foray into Umm Al Quwain with two transformative masterplans – Sobha Siniya Island, our first island development, located on one of the UAE’s largest natural islands; and Downtown UAQ, a visionary coastal city within a city designed to accommodate over 150,000 residents. Additionally, we are preparing to expand into Abu Dhabi, bringing our signature quality and elevated luxury offerings to support the capital’s evolving real estate vision.

 

With the planned launch of up to 10 major masterplan developments, we aim to strengthen our footprint, capture high-potential opportunities, and continue contributing meaningfully to the nation’s urban and economic landscape.

 

Q. There is so much development that has happened in Dubai in the past decade. What is the potential you see for Sobha?

 

We see significant potential for continued, sustainable growth in Dubai’s real estate market, especially in light of the city’s expected population increase, the ongoing influx of international capital and talent, and the positive economic outlook.

 

For Sobha Realty, the coming years are about more than expansion; they are about shaping the future of luxury living across the UAE market. Backed by our backward integration model, we are well-positioned to lead the next chapter of the country’s real estate evolution.

 

Q. You have recently set up an office in the USA as well as Australia. What's the potential you see in these markets? Could you throw some light on your global expansion and growth plans?

 

We are making strong progress toward the launch of our first masterplan development in Texas, targeted for 2025. Our office is already operational, with our CEO Vipin Das and a dedicated team on the ground. A similar setup is also underway in Australia. Both international expansions are moving forward as planned and are scheduled for official launch later this year.

 

Expanding into the US and Australian markets has long been a core pillar of Sobha Realty’s strategic roadmap and global vision. Both markets, backed by strong forecasts and positive outlooks, rank among the world’s most resilient and diverse investment destinations. This expansion is a deliberate move to establish Sobha Realty’s presence in destinations renowned for their vibrant property markets, advanced infrastructure, and promising long-term prospects. The maturity and scale of these markets provide a strong foundation for us to grow.

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