The deal for the property in Dubai is being kept secret and will be managed in the hands of one of its offshore entities. According to news reports, Mukesh Ambani’s Reliance Industries Ltd will be the mystery purchaser of a beachfront $80 million property in Dubai. The Dubai-based villa located on Palm Jumeirah was reportedly bought earlier in the calendar year by Anant Ambani, the eldest child of Mukesh Ambani. This makes it the biggest-ever purchase in the UAE.
Alongside the sibling’s Isha and Akash, Anant is one of the $93.3 billion fortune heirs. According to Bloomberg, the beachfront mansion that bears his name is located in the northern region of the artificial palm-shaped archipelago. Local media reported that the estate has 10 bedrooms, a luxurious spa, and indoor and outdoor swimming pools but did not mention the person who purchased the property.
This happens at a point that the 11th wealthiest man on earth and who is now 65 years old, is slowly handing control of his business to his children after diversifying his business with RIL’s ventures into technology, renewable energy, and online shopping.
As per one source quoted by Bloomberg, the deal for the property in Dubai has been kept under wraps and will be managed through one of Reliance’s offshore companies. It is believed that the Ambani family is expected to be spending millions of dollars on the property’s security and customization. The house will be managed by Parimal Nathwani, the RIL company’s Director of Corporate Affairs and an elected legislator.
In addition to luxurious homes And luxurious homes, The Dubai Palm Jumeirah is home to extravagant hotels, luxurious clubs, fancy spas, restaurants, and apartments with breathtaking panoramas of the Gulf’s turquoise waters. Anant will soon be neighbors of most celebrities in the world following the purchase of the house on the property, including Shah Rukh Khan, David Beckham, and his spouse, Victoria.
Dubai is now a well-known location for those with high net worth, and the government has urged them to go by providing them with “golden visas” and easing restrictions for foreigners to purchase properties.
The real property market in Dubai, around a third of the country’s economy, is booming after a seven-year decline caused by the covid-19 pandemic. The government has enacted the provision of granting investors a 10-year permit if they buy a property worth more than 2.25 million dirhams. This is among the numerous measures taken in the course of government.
