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PNC Menon-led Sobha Hartland eyes $163m Chinese investment

Sobha opens Shanghai office after noting 200% hike in spending from China for its Hartland megaproject in Dubai

Sobha Hartland has seen Chinese investment grow by 200% in 2019.
© Sobha Group
Sobha Hartland has seen Chinese investment grow by 200% in 2019.

Dubai-headquartered developer Sobha Group has opened a sales office in Shanghai as it seeks to expand its Asia footprint as it targets $163.3m (AED600m) of investments from China in its Sobha Hartland megaproject.

The company said Chinese investment in its Mohammed Bin Rashid City project has grown by 200% in the first two months of 2019. 

Commenting on the company’s Asian expansion, Jyotsna Hegde, president of Sobha Realty, said: “The UAE and China enjoy strong trade, tourism, and cultural ties, which was further strengthened following the visit of Chinese President Xi Jinping in July 2018.

"China is a strategic growth market for Sobha, and we believe our sales office in Shanghai will provide a major fillip to Chinese investments in our projects.”

Hegde added that Dubai Government’s "investor-friendly regulations" and the much-anticipated Expo 2020 Dubai were cited by Sobha Realty's president for the uptick in Dubai's luxury real estate sector.

According to a report by Dubai Land Department (DLD), 9M 2018 saw investments worth $462.8m (AED1.7bn) pouring into Dubai’s real estate market by Chinese investors. Global consultancy Colliers International said in a report that 1.3 million Chinese tourists visited the UAE in 2017.

The news comes as the company’s chairman and founder, PNC Menon, told  Construction Week that he has planned for his retirement as he completes five decades of working in the construction industry.

Sobha Group will imminently start working on a $190m (AED700m) 60-storey skyscraper on Dubai's Sheikh Zayed Road, which will serve as the company's headquarters when it is complete.

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Construction Week - Issue 754
Nov 23, 2019