The mysterious buyer of an $80 million beachfront mansion in Dubai, the city’s largest residential real estate transaction, is Reliance Industries Ltd., a company owned by Mukesh Ambani.
Anant, the youngest son of Ambani, was the buyer of the Palm Jumeirah home earlier this year, according to one of the persons who asked to remain anonymous since the deal was personal. Local media reported the beachfront property, which has ten bedrooms, a private spa, and indoor and outdoor pools, and is located in the northern section of the palm-shaped artificial island without revealing the buyer’s identity.
The government has actively courted the ultra-wealthy by giving long-term “golden visas” and easing restrictions on foreign homeowners. Dubai is quickly becoming one of their preferred markets. Some of Ambani’s new neighbors will include Bollywood superstar Shahrukh Khan and British player David Beckham together with his wife, Victoria.
According to the Bloomberg Billionaires Index, Anant is one of three successors to Ambani’s $93.3 billion wealth. The 11th richest man in the world, at 65 years old, is gradually giving over control to his children following a push for diversification that saw his company’s expansion into green energy, technology, and e-commerce.
According to one of the persons, the family has been expanding their real estate holdings abroad, with all three siblings searching for second houses in the West. In the UK, Reliance paid $79 million to purchase Stoke Park Ltd., were home from the Georgian era is believed to be for the company’s older son Akash, who was just made chairman of the telecom industry. The person added that his twin sister, Isha, is scouting for a home in New York.
According to one of the persons, the Ambanis would spend millions of dollars customizing and securing the Dubai property purchase, held by one of Reliance’s offshore businesses. The home will be managed by Parimal Nathwani, a longtime friend and business partner of Anil Ambani and a member of parliament.
Antilia, a 27-story skyscraper in Mumbai with three helipads, 168 spaces for parking, a 50-seat movie theatre, a large ballroom, and nine elevators, will continue to be the primary residence of the Ambanis.
Emails and phone calls to Reliance requesting comment received no response.
Palm Jumeirah’s chain of islands is home to opulent hotels, glamorous clubs, spas, restaurants, and dazzling apartment complexes with spectacular views of the Persian Gulf’s azure waters. It also includes luxurious residences. The first occupants moved in about 2007 after its development had started in 2001.
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. Investors who purchase real estate worth at least 2 million dirhams are now eligible for a 10-year visa under new regulations.
More than 80% of the population of the United Arab Emirates is made up of foreigners, who have long supported the country’s economy by working mostly in the private sector and investing their earnings in real estate or shopping at some of the biggest malls in the world. Particularly Indians have frequently been among the top purchasers of Dubai real estate.
The real estate industry has been booming recently. Swiss billionaire Ernesto Bertarelli reportedly paid €92 million ($108 million) for a mansion in London’s exclusive Belgravia neighborhood in June. The Financial Times reported earlier this month that property 20 miles to the west of London sold for €125 million.
In the US, Joe Tsai’s Blue Pool Capital recently paid $188 million for a penthouse in New York that had previously belonged to Dan Och, while in November, Hong Kong saw the sale of Asia’s most expensive condominium per square foot for HK$640 million ($82 million).