Mukesh Ambani has bought another villa in Dubai for a record-setting price, according to a report.
The Reliance Industries chairman bought a mansion on Palm Jumeirah – an archipelago of artificial islands on the Arabian Gulf – last week for about $163 million (estimated 1,349.60 crore) from the family of Kuwaiti billionaire Mohammed Alshaya, Bloomberg news agency reported, quoting anonymous sources.
With this purchase, Mr Ambani smashed his prior record for the city’s most expensive residential real estate deal within a matter of months, the agency said.
The Dubai Land Department reported a property deal worth $163 million on Palm Jumeirah earlier this week, without disclosing the buyer’s identity, Bloomberg said.
Last year Reliance bought the iconic UK country club Stoke Park for $79 million, Bloomberg said, adding Ambani is also scouting for a property in New York.
Indians have consistently ranked among the top buyers of Dubai real estate.
The city-state’s property market contributes around a third of its economy. With an economic rebound propelled by higher energy prices, it recovered strongly from 2020’s severe COVID-induced downturn, with buyers snapping up luxury units after the emirate eased pandemic restrictions faster than most cities around the world.
