Sobha Group makes it to Morgan's 'Asia top 20'
Dubai, June 3, 2008
Sobha Developers Limited has been listed as one of Asia Pacific’s 20 best companies for investor returns by global financial services firm Morgan Stanley, in its annual report.
The Morgan Stanley report, entitled ‘Tomorrow’s Winners’, places Sobha among the top 20 companies in the region in terms of expected investor returns for the next five years.
“It is a true honour to be named in the Morgan Stanley 'Tomorrow’s Winners' list. Sobha focuses on backward integration, which means that we are able to deliver high quality projects on time and on budget, which translates into healthy returns for all our investors,” said Ajay Rajendran, vice chairman, Sobha Group.
“Of the companies selected, more than half are listed in either China or India. Many of these are capitalising on major secular trends, such as infrastructure investment and per capita consumption growth,” 'The Tomorrow’s Winners' report stated.
“The companies chosen lead their domestic competitors and are strong enough to withstand competition from abroad. The majority operate in industries that have high barriers to entry,” the report said.
The Morgan Stanley report reviewed companies, their industries and respective competitive advantages in a cross section of markets worldwide. In the report, Sobha is described as an emerging pan-India property developer.
In Dubai, Sobha Group launched its first two Business Bay developments in 2006 - 07. Sobha Ivory I and II sold out within months of their launch. Now under construction, the mirror image development is set to bring another landmark development to Dubai’s skyline.
Sobha Group launched Sobha Sapphire, its third commercial development at Business Bay, in January earlier this year. Its first residential project Sobha Daffodil at Jumeirah Village received tremendous market response and was sold out within 3 months of its launch.
Both projects, Sobha Sapphire and Sobha Daffodil too have commenced construction and are as per planned schedule.
The Sobha Group expects to announce a local portfolio of over Dh7.5 billion by the end of 2008 which will include a range of commercial and residential properties at premium locations in Dubai.
Apart from the Real Estate segment, the Group also intends to enter the Hospitality sector by coming out with its brand of Sobha Hotels in the next 5 years time. This will further accentuate its presence in the UAE and Oman and enter new markets like Zanzibar.-TradeArabia News Service