Dubai-based Sobha Group is seeking to double its turnover to $10 billion in the next five years, supported by diversification into furniture and jewellery businesses, according to a news report.

A 50,000 square metre (sqm) factory will come up in Dubai and a 9,000 sqm factory will be developed in KIZAD Abu Dhabi, Khaleej Times reported, citing Ravi Menon, Co-Chairman of Sobha Group.

Another 12,000 square metre (sqm) factory is being planned in Technopark, India, he added.

Sobha Group will expand its real estate business into newer markets such as Sydney and Brisbane, Australia and Austin and Dallas, the US.  

Ravi Menon will take over as the group's Chairman from November 2024.

Read more:  INTERVIEW: Dubai real estate’s growth momentum to continue this year - Sobha Realty Co-Chairman

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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