Dubai, Feb 15: India's real estate major Sobha Group will develop a hotel in Dubai on Palm Jumeira and has plans to develop eight more hotels in India, Oman and Zanzibar, a top official said.
Sobha Group, the latest company to plunge into the Dubai real estate market, has around 1.5 million sq ft currently under construction which the company aims to grow three times by early next year, company Vice President Ajay Rajendra said. It has a current portfolio of about one billion dollar spread over a total of four properties in Business Bay and Jumeirah Village. In Dubai, the group also has a 130 thousand square foot factory in Technopark.
Sobha has plans to develop seven to eight million sq ft of land in India at a value of two billion dollars, he told the Gulf News.