From correspondents in Emirates, United Arab Emirates, 04:30 PM IST

Leading Indian property developer Sobha Group is planning to announce a local portfolio in Dubai of 7.5 billion dirhams ($2.04 billion) by the end of this year.

The group, in a statement here, said the 7.5 billion-dirham portfolio would include a range of residential and commercial properties in premium locations in this West Asian metropolis.

The group also announced that it would soon launch a new commercial property in Dubai that will, among others, offer 110 office spaces.

Sobha Group's fourth commercial project here will come up at the new Downtown Jebel Ali development being planned by Dubai-based master developer Limitless.

"Downtown Jebel Ali is one of the most ambitious developments taking shape in Dubai at present, and represents 'Future Dubai' with its close proximity to the new Al Maktoum International airport and the largest man-made sea port at Jebel Ali," said Ajay Rajendran, Sobha Group vice-chairman, in the statement.

"With Sobha having developments already taking shape in Business Bay and Jumeirah Village, we felt it was important for us to have a presence in this landmark development as part of our growing Dubai portfolio," he added.

The Downtown Jebel Ali area surrounds Jebel Ali, the world's largest manmade port and the Al Maktoum International Airport or Dubai World Central, which is going to be the world's biggest airport.

It is a 200-hectare, mixed-use urban community along an 11-kilometre stretch on Dubai's arterial Sheikh Zayed Road.

Downtown Jebel Ali will have 330 buildings, 208 of which will be residential. It is planned to accommodate over 200,000 people in four distinctive zones.

The Sobha Group property will offer over 110 offices, 280 car parking spaces, retail and food and beverage units, in an iconic nine-storey tower, according to the statement.

All the other three commercial properties of Sobha Group in Dubai are located in the Business Bay area and are under various stages of construction.

Its two residential properties in this Gulf oasis city were sold within months of their launch and construction was on schedule, the company said.

Earlier this month, the group announced that it has acquired a plot of land along Sheikh Zayed Road to develop a five-star property as part of its plans to foray into the hospitality sector.

The group said two hotels of the new Sobha Hotel chain were being earmarked for Dubai, six for India and one each in Oman and Zanzibar.

Founded in 1995 by Gulf-returned non-resident Indian P.N.C. Menon, the Bangalore-headquartered Sobha Group is today a Rs.12 billion-plus company.

Sobha's projects in India are spread across Karnataka, Kerala, Andhra Pradesh, Orissa, Tamil Nadu, Punjab, Haryana and Maharashtra, and its international marketing office is based in Dubai.

(Staff Writer, © IANS)