The chairman & managing director of Reliance Industries Ltd.-Mukesh Ambani, purchased a property for his son Anant Ambani earlier this year. The property was bought on Palm Jumeirah for $80 million.
The beach-side villa in Dubai is the city’s biggest ever residential property deal, according to the sources. Dubai has been emerging as a favourite market for high-net-worth individuals.
The deal of the property has kept a secret thus far and will be held by one of the offshore entities of Reliance, according to the information.
The British footballer David Beckham with his wife Victoria along with the other Bollywood megastar Shah Rukh Khan will be the neighbours of Ambani.
According to the Bloomberg Billionaires Index, Anant Ambani is one of three successors to the $93.3 billion wealth Ambani has amassed. The eleventh richest man in the world, who is now 65 years old, is gradually passing over control to his children following a push for diversification that saw the expansion of his company into renewable energy, technology, and e-commerce.
The family has been expanding their real estate holdings abroad, with all three siblings searching for second houses in the West. The Georgian-style estate at Stoke Park Ltd. in the UK, which was purchased by Reliance for $79 million last year and is reportedly for older son Akash, who was just made chairman of telecom provider Reliance Jio Infocomm Ltd. Isha, his twin sister, is looking for a house in New York, the source continued, according to one of the persons.
In addition, due to the city’s quick response to the Covid-19 outbreak and steps intended to give expatriates a larger part in the economy, Dubai’s housing market, which makes up about a third of its GDP, is emerging from a seven-year depression.
The investors in the United Arab Emirates who purchase real estate worth at least two million dirhams are now eligible for a 10-year visa under new rules and regulations.
