Mukesh Ambani buys Dubai’s most expensive villa for $163 mn: Report

Reliance Industries Chairman Mukesh Ambani has bought another beach-side villa in Dubai. This purchase smashed the billionaire’s own record for the purchase of the most expensive residential property in the city. The latest mansion in Palm Jumeirah was bought by Ambani for about $163 million last week.

The new villa is just a short walk away from the $80 million home he bought earlier this year. Bought for $82.4 million, the earlier mansion, which is also in Palm Jumeirah, was the city’s biggest-ever residential sale at the time of the deal.

Ambani, who has a net worth of $84 billion, bought the property from Kuwaiti tycoon Mohammed Alshaya, as per a report in Bloomberg, that quoted sources who asked not to be named. Alshaya’s conglomerate owns local franchises for brands such as Starbucks, H&M and Victoria’s Secret.

While the Dubai Land Department reported the sale of the property for $163 million, it did not disclose the buyer’s identity. There have been no comments from Reliance and Alshaya.

The report added that Ambani is also scouting for a property in New York. Reliance had bought the iconic UK country club Stoke Park last year for $79 million.

Foreign residents make up for more than 80 per cent of the population of the United Arab Emirates, stated the report. Most of them work in the private sector and have been a mainstay of the economy for decades.

Dubai has recently become the hotspot for a record number of deals, luring some wealthy business executives from across the world. Dubai’s real-estate market is emerging from a seven-year slump.

Also read: Mukesh Ambani to open family office in Singapore: Report