Mukesh Ambani, India’s second richest man and Chairman & Managing Director of Reliance Industries Limited (RIL), has bought Dubai’s most expensive villa for a record-breaking US $163mn.
The Indian billionaire bought the beach-side mansion – located at the heart of the Palm Jumeirah – from the family of Mohammed Alshaya, a Kuwaiti tycoon whose business conglomerate owns local franchises for retail brands including Starbucks, H&M and Victoria’s Secret. Recent reports from Savills named Palm Jumeriah as the district commanding Dubai’s highest property values.
The ten-bedroom residence, with a private spa and indoor and outdoor pools, is said to be a short walk from the $80mn home that Ambani purchased earlier this year for his son, Anant.
In September 2022, DAMAC said it was adding ultra-luxurious mansions to its DAMAC Hills development and, later in the month, Alpago Properties launched ‘Dubai’s only’ double signature villa on the Palm Jumeirah.
Earlier this week, the Dubai Land Department reported a property deal worth $163mn on Palm Jumeirah, without disclosing the buyer’s identity.
Mukesh Ambani, who has a net worth of $84bn, is said to have been snapping up properties overseas, increasingly looking westward for second homes. RIL reportedly also spent $79mn last year to buy the iconic UK country club, Stoke Park.
In October 2022, Savills revealed its top second home locations around the globe with an emphasis on wellness.
