Mukesh Ambani, India’s second-richest man purchased another piece of property in Dubai, topping his previous purchase which was previously the city’s most expensive residential real estate deal, Bloomberg reported.
The villa on Palm Jumeirah was purchased by the Indian billionaire from the family of business enterprise family Al Shaya, who own franchises of brands including H&M, Starbucks and Victoria’s Secret.
Ambani’s net worth is reportedly over $86.7bn. He is the chairman and managing director of Reliance Industries Ltd which is a Fortune 500 company.
Ambani has been making investments in properties overseas, Reliance purchased UK country club Stoke Park for $79 million, last year. Bloomberg reported that Ambani is currently scouting for properties in New York.
The billionaire’s previous purchase in Dubai was an $80 million Palm Jumeirah house.
The $163 million Palm Jumeirah sale was reported by the Dubai Land Department earlier this week without disclosing the buyer’s identity.
This week Arabian Business reported that property buying Indians in Dubai has seen a spike since August, following the Indian government’s move to liberalise overseas investment guidelines for residents, industry insiders said.
“The recent policy changes have triggered a spurt of Indian investments in real estate assets in Dubai,” Shajai Jacob, CEO-GCC at Anarock, a leading real estate consultancy in the GCC and India, told Arabian Business.
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