Mukesh Ambani’s Reliance Industries Ltd has been revealed to be the mystery buyer of an $80 million beach-side villa in Dubai.
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The property is the city’s biggest ever residential property deal
Ambani’s youngest son, Anant had bought the property on Palm Jumeirah earlier this year.
The beach-side mansion sits in the northern part of the palm-shaped artificial archipelago.
It has 10 bedrooms, a private spa, and indoor and outdoor pools.
High-profile neighbors
Dubai is emerging as a favorite market for the ultra-rich, whom the government has been trying to attract by offering long-term “golden visas” and relaxing curbs on home ownership for foreigners.
David Beckham with his wife Victoria and Shahrukh Khan will be some of Ambani’s new neighbors.
He is one of three heirs to Ambani’s $93.3 billion fortune.
Western secondary properties
Now 65-years-old, Mukesh Ambani who is the world’s 11th richest person is slowly handing the reins over to his children after a diversification push that expanded his empire into green energy, tech and e-commerce.
The family has been increasing its real estate footprint overseas, with all three siblings looking to western shores for second homes.
Last year, Reliance spent $79 million to buy Stoke Park Ltd. in the UK, which houses a Georgian-era mansion said to be for older son Akash, who was recently named chairman of Reliance Jio.
His twin sister, Isha, is scouting for a home in New York.
Management
The Dubai property deal has been hush hush.
It will be in possession of one of Reliance’s offshore entities.
Sources said that the family will spend millions to customize it and ensure its security.
The villa will be managed by longtime Ambani associate Parimal Nathwani, a director of corporate affairs at the group and member of parliament.
The family’s primary residence will remain Antilia, a 27-story skyscraper in Mumbai with three helipads, parking for 168 cars, a 50-seat movie theater, a grand ballroom and nine elevators.
Palm Jumeirah’s islands
Aside from luxury homes, Palm Jumeirah’s islands comprise posh hotels, glitzy clubs, spas, restaurants and splashy apartment towers with stunning views of the Persian Gulf’s blue waters.
Its construction began in 2001 and the first residents started arriving in around 2007.
Dubai’s property market contributes around a third of its economy.
It is just now picking uip after a seven-year slump thanks to the city’s handling of the pandemic along with initiatives aimed at giving expatriates a bigger stake in the economy.
Property-dependent economy
Under new rules, investors can obtain a 10-year visa if they buy property worth at least 2 million dirhams.
More than 80% of the population of the United Arab Emirates are made up of foreign residents who have been a mainstay of the economy for decades.
They work mostly private-sector jobs and spend on property or shopping in some of the world’s largest malls.
Indians, in particular, have consistently ranked among the top buyers of Dubai real estate.
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