Indian billionaire Mukesh Ambani purchases Dubai's most expensive property: report

Indian billionaire industrialist Mukesh Ambani’s company has been revealed as the owner of Dubai’s most expensive property, a report by Bloomberg said on Friday.

Ambani’s Reliance Industries Ltd was revealed as the beach-side villa’s mystery buyer, which is priced at a hefty $80 million, making it the city’s largest ever residential real estate deal.

The New York-based news agency said that the property on Palm Jumeirah was purchased for Ambani’s youngest son Anant earlier this year. The property is reported to encompass 10 bedrooms, indoor and outdoor pools and a private spa, according to local media, and is located in the northern part of the man-made archipelago.

The Ambanis will reportedly spend millions of dollars on tailoring and ensuring security at the property, which will be managed by the business tycoon’s long-term associate, Parimal Nathwani.

Anant is one of the heirs to his father’s $93 billion fortune, who is slowly passing down the baton to his children.

Ambani’s other children - Isha and Akash - have also purchased or are in talks to buy pricey properties abroad.

Dubai is fast emerging as the preferred overseas property market for the world’s rich and famous, which is actively aided by the issuance of 'golden visas' that enable foreign investors and other high-achieving individuals to obtain residencies of 10 years.

Investors can also obtain the decade-long visas should they purchase properties valued at 2 million dirhams ($544,500) or invest in a company or investment fund with 10 million dirhams ($2,722,000).

The golden visa scheme, however, has been criticised for permitting Russian businesspeople to move their financial assets to the Gulf state that are potentially subjected to western sanctions, thanks to the UAE’s abstaining from several votes condemning Moscow’s invasion of Ukraine.

Ambani is India and Asia’s second richest person,  after fellow Indian Gautam Adani, as well as the 11th richest person worldwide.