Mukesh Ambani, the chairman of Reliance Industries, reportedly paid a staggering $163 million (about Rs. 1,349.60 crores) for a luxurious villa on Dubai’s Palm Jumeirah island, according to people familiar with the situation who spoke on the condition of anonymity. According to Bloomberg, Ambani purchased the estate from the family of Kuwaiti tycoon Mohammed Alshaya last week.
Home on the opulent Palm Jumeirah was purchased for $82 million, it was the priciest transaction
Alshaya’s business conglomerate is home to local franchisees for retail giants including Starbucks, H&M, and Victoria’s Secret. Ambani, who has an estimated net worth of $84 billion, is the second-richest person in India.
His most recent acquisition is close to the $80 million house he acquired for his younger son Anant this year. Reliance Industries bought a luxurious ten-bedroom home with a private spa, an indoor pool, and an outdoor pool. Up until earlier this month, when a different home on the opulent Palm Jumeirah was purchased for $82 million, it was the priciest transaction. There are eight bedrooms and 18 bathrooms at the Casa Del Sole. It contains a gym, a theatre, a bowling alley, a jacuzzi, and an underground parking garage with space for 15 cars.
Indians are among the top foreign buyers of property in Dubai
The most recent acquisition shows that Ambani has been increasing his presence in Dubai. Reliance paid $79 million last year to purchase Stoke Park, a renowned country club in the UK, according to a Bloomberg article.
The city’s real estate market is bouncing back from the Covid-19 pandemic-induced depression. It has been tempting powerful corporate leaders from around the world to invest in real estate there. The population of the UAE is made up of 80% of foreigners, who also drive the economy of the nation. Indians are among the top foreign buyers of property in Dubai. According to the report, UAE property prices surged by more than 70 percent over the last year.
