Mukesh Ambani, the second most prosperous businessman from India, purchased a $163 million lavish mansion at Palm Jumeirah last week. The purchase came about months after he bought an $84 million mansion for his youngest son, Anant. The $84 million mansion is a 10-bedroom villa, the most prominent residential property deal in Dubai at the time.
In a matter of months, Ambani bought the beachside mansion from a Kuwaiti tycoon family, Mohammed Alshaya, said an anonymous source. The Alshaya conglomerate owns the local franchise of international retail brands, including H&M, Starbucks, and Victoria Secret, reported Bloomberg.
Although the 27-storeyed Antilla in south Mumbai is the base for the Ambani family, they have been keen on purchasing renowned properties worldwide. His current purchase has ten bedrooms, spas, and indoor and outdoor pools.
In addition, the billionaire has been snapping prestigious properties across the globe. Recently, Reliance spent a whopping $79 million on an iconic UK country club, Stoke Park, and Bloomberg also reported that Ambani is seeking properties in New York.
Additionally, the family entered the hospitality industry by acquiring nearly a fifth of the equity in EIH Ltd, which manages the Oberoi group of hotels. In early 2022, the Ambani family purchased a significant share in the nearly $100 million Mandarin Oriental, New York.
Dubai is finally emerging from a seven-year sink. Today, Dubai has lured some wealthiest businessmen and become a hub for record deals. According to a recent report from Bloomberg, Dubai is heavily cashing in on the global slowdown.
For example, wealthy Russians consider Dubai a haven for their money after the Ukraine invasion. Moreover, the super-rich of neighboring Gulf countries invested in Dubai real estate after a surge in oil prices.
"With every international crisis, money somehow flows in here. Sometimes it's encouraged openly, like during Covid, and sometimes not, as with the Russian conflict. Either way, it will remain a crucial role in Dubai's economic development plan," said Jodi Vittori, an overseas scholar at the Carnegie Endowment for International Peace.
Remarkably, over 12 months through September, Dubai's prime real estate price soared to 70.3%.; thus, overtaking London, Paris, and New York. The Dubai government also introduced the 10-year visa initiative for investors to make the city more socially liberal.
Edited by Devnum Nagar
Image Source: Hindustan Times
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