Billionaire Mukesh Ambani buys beach-side Palm Jumeirah villa for $163 million: Report
Mukesh Ambani, the chairman of Reliance Industries, spent a staggering $163 million (about Rs. 1,349.60 crore) for an opulent house at Dubai's Palm Jumeirah island. Ambani purchased the property from the Mohammed Alshaya family of Kuwait, a business mogul.
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FollowBillionaire Mukesh Ambani is building upon his Dubai property empire with another beach-side villa purchase. Reports suggest that he has smashed his prior record for the city’s most expensive residential real estate deal within a matter of months.
Mukesh Ambani purchased the Palm Jumeirah property from the family of Kuwaiti businessman Mohammed Alshaya last week for around $163 million, said the persons, who asked not to be identified because they are not permitted to talk publicly.
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Starbucks, H&M, and Victoria's Secret have local franchisees owned by Alshaya's company. Ambani, whose net worth is $84 billion, is the chairman of Reliance Industries Ltd., the largest firm in India by market value.
The billionaire has been buying up houses abroad and is increasingly searching for second residences in the west. According to Bloomberg, Ambani is looking at purchasing a home in New York and Reliance spent $79 million last year purchasing Stoke Park, a renowned country club in the United Kingdom.
The $80 million mansion that Ambani acquired earlier this year is only a short stroll from his most recent acquisition in Dubai. Until another home on the palm-shaped island sold for $82.4 million, that transaction was the largest residential sale in the history of the city.
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The Dubai Land Department reported a property deal worth $163 million on Palm Jumeirah earlier this week, without disclosing the buyer’s identity. There has been no comment from Reliance and Alshaya.
The city-state’s property market, which contributes around a third of its economy, is recovering from a seven-year slump thanks to the government’s nimble handling of the Covid-19 pandemic and initiatives aimed at giving expatriates a bigger stake in the economy.
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