Sobha eyes Dh20b sales after a record-breaking 2023

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Sobha Realty, which posted a 51 percent record-breaking jump in 2023 sales over the previous year across its portfolio of residential and commercial developments in Dubai, said it expects to hit Dh20 billion in 2024.

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In 2023 alone, Sobha Realty achieved a sales value of Dh15.5 billion, with the delivery of 1819 units ahead of schedule in two completed projects. This impressive growth has solidified the company's market share at 10% in Dubai, marking a significant achievement, as stated in a recent Sobha Realty announcement.

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Ravi Menon, the co-chairman of Sobha Realty, expressed satisfaction with the company's performance in 2023. He highlighted the record-breaking sales and strategic partnerships that have positioned Sobha Realty for a promising future. Menon emphasized the company's unwavering commitment to delivering top-tier properties and adapting to market trends.

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"As we enter 2024, our focus remains on maintaining the highest standards in design, craftsmanship, quality, and customer satisfaction," said Menon. He emphasized Sobha Realty's dedication to timely project delivery as a key driver of the increasing demand for its properties

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Sobha Realty's global presence received a significant boost through strategic marketing efforts. The company aims to expand its footprint in key global markets, propelled by the success of projects like 330 Riverside Cresent, Sobha Reserve, Sobha Verde and Sobha Seahaven. The introduction of the corporate brand campaign, 'The Art Of The Detail,' showcased the organization's DNA, elevating Sobha Realty to the second most recalled brand in Dubai Real Estate.

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In 2023, Sobha Realty solidified its market position through valuable partnerships, including a venture with IIFA 2023 for global Indian audiences and a multi-year principal partnership with Arsenal Football Club for enhanced global outreach. The company's $300 million Sukuk issuance demonstrated its ability to attract a diverse range of global investors.

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One remarkable achievement that stood out was Sobha Realty's entry into the Guinness World Records for creating the 'largest helmet mosaic formed by people,' depicting the UAE flag. This milestone reflects the company's commitment to innovation and community engagement.

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As Sobha Realty continues its upward trajectory, Menon expressed confidence in the company's vision to become a global real estate brand, emphasizing the importance of setting industry standards and delivering excellence in every project.

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