Indian developer Sobha Group has snapped eight million square feet of land at Meydan City at an undisclosed amount, to build a mixed-use project, officials said at a press briefing on Sunday.
The project, Sobha City - will be located at Meydan’s Godolphin Parks area.
“This reflects a return of investor’s confidence in the market as the market picks up,” Saeed H. Al Tayer, Chairman of Meydan Group, said at a press briefing.
The Sobha Group is a multinational development and services firm owned and operated by internationally acclaimed developer, PNC Menon. The land sales will total approximately eight million square feet, and represents the largest sale of Meydan City offerings to date.
This strategic relationship by PNC Menon’s Sobha Group will provide a long-term commitment to development in Dubai. Incorporated in 1995 by PNC Menon, Sobha Group has grown under Menon’s progressive vision and has significant operations throughout the Middle East including the UAE, Sultanate of Oman, Qatar and Bahrain.
Al Tayer said, “This is a pivotal step in the overall development of Meydan City and we are pleased to forge this relationship with the Sobha Group. This investment and the commitment of PNC Menon is an indication of the international confidence in Dubai and its significant infrastructure. Under his leadership, Sobha Group has achieved an impressive record of success and creativity. Their commitment to quality and innovation compliments the goals for Meydan City and all of Dubai. We are pleased to welcome Sobha Developers as we welcome a new era of development for Meydan and Dubai.”
Meydan City will feature an interconnected cityscape of four distinct districts where business, sport and cosmopolitan-living merge to complement one another. Situated approximately four kilometres from the mouth of Dubai Creek, Meydan City currently features the project’s flagship, the Meydan Grandstand and Racecourse, featuring the adjoining five-star,
PNC Menon, Chairman of the Sobha Group said: “Dubai is one of the greatest success stories in the world. The scale of development and opportunities that are available in Dubai continue to attract the international market. This is why the Sobha Group is so pleased today to announce this partnership with the Meydan Group. Vision creates opportunity, and the Sobha Group is confident of the result of this partnership with the Meydan Group – success.”