Mukesh Ambani’s company, Reliance Industries Ltd., bought a beachfront mansion in Dubai for $80 million. This was the largest residential real estate deal in the city.
One of the people who asked to remain anonymous because the deal was personal said that Anant, Ambani’s youngest son, bought the Palm Jumeirah home earlier this year. Local news outlets reported that a beachfront home with 10 bedrooms, a private spa, indoor and outdoor pools, and a location in the northern part of the man-made palm-shaped island had been sold, but they didn’t say who had bought it.
The government has been trying to attract the ultra-rich by giving them long-term “golden visas” and making it easier for foreigners to buy homes, and Dubai is quickly becoming one of their favourite markets. Bollywood star Shahrukh Khan and British soccer player David Beckham and his wife Victoria will be some of Ambani’s new neighbours.
The Bloomberg Billionaires Index says that Anant is one of three people who will take over Ambani’s $93.3 billion fortune. The 11th richest person in the world is a 65-year-old man who is slowly handing over control of his company to his children. This is happening after he tried to diversify his business by expanding into green energy, technology, and e-commerce.
One of the people said that the family has been buying more property abroad, and that all three siblings are looking for second homes in the West. The Georgian-style estate at Stoke Park Ltd. in the UK, which Reliance bought for $79 million last year, is reportedly for the older son Akash, who was just named chairman of the telecom company Reliance Jio Infocomm Ltd. The source said that his twin sister Isha is looking for a house in New York.
One of the people said that the Ambanis will spend millions of dollars to customise and secure the Dubai property purchase, which will be held by one of Reliance’s offshore businesses. The home will be run by Parimal Nathwani, who has known Anil Ambani for a long time and worked with him in business. He is also a member of parliament.
The Ambanis will still live in Antilia, a 27-story skyscraper in Mumbai that has three helipads, 168 parking spots, a 50-seat movie theatre, a large ballroom, and nine elevators.
Reliance did not respond to emails and phone calls asking for a comment.
The Palm Jumeirah is a chain of islands with luxurious hotels, clubs, spas, restaurants, and apartment complexes with amazing views of the azure waters of the Persian Gulf. It also has homes that are very nice. In around 2007, the first people moved in. Construction had begun in 2001.
Dubai’s housing market, which makes up about a third of its GDP, is coming out of a seven-year slump. This is because the city responded quickly to the Covid-19 outbreak and took steps to give expatriates a bigger role in the economy. New rules say that investors who buy real estate worth at least 2 million dirhams can now get a 10-year visa.
More than 80% of the people who live in the United Arab Emirates are foreigners. These people have been helping the country’s economy for a long time by working mostly in the private sector and investing their money in real estate or shopping at some of the biggest malls in the world. Indians have been among the top buyers of real estate in Dubai for a long time.
Recently, the real estate business has been doing very well. Ernesto Bertarelli, a Swiss billionaire, reportedly paid €92 million ($108 million) for a mansion in London’s exclusive Belgravia neighbourhood in June. Earlier this month, the Financial Times said that a property 20 miles west of London sold for €125 million.
Blue Pool Capital, which is run by Joe Tsai, recently paid $188 million for a penthouse in New York that used to belong to Dan Och. In November, Asia’s most expensive condo per square foot was sold in Hong Kong for HK$640 million ($82 million).
