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Dubai developer Sobha could float United Arab Emirates business in 2022

Dubai-based property developer Sobha LLC aims to launch an IPO of its United Arab Emirates business in 2022, Bloomberg News reported, citing an interview with founder P.N.C. Menon.

The company will delay its final decision on the IPO to meet profitability projections, Menon said. The company is aiming to hit annual sales of 2,000 housing units in Dubai that will lead to revenue of 2.5 billion UAE dirhams and profit of 400 million dirhams by 2022.

For 2019, Sobha is looking to increase its sales revenue to approximately 2 billion dirhams from 620 million dirhams in 2018, Menon added.

The company has not decided on where to list its shares.

As of Aug. 28, US$1 was equivalent to about 3.67 UAE dirhams.