Indian billionaire splashes out record sum for Dubai villa – PICTURE

India’s second-richest man is building upon his Dubai property empire with another beach-side villa purchase.

Oct 19, 2022 - 15:32
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Indian billionaire splashes out record sum for Dubai villa – PICTURE

India’s second-richest man is building upon his Dubai property empire with another beach-side villa purchase, smashing his previous record for the city’s most expensive residential real estate deal within a matter of months, according to people familiar with the matter.

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Mukesh Ambani bought the Palm Jumeirah mansion last week for about $163 million (R3 billion) from the family of Kuwaiti tycoon Mohammed Alshaya, said the people, asking not to be named as they’re not authorised to speak publicly.

Ambani is chairperson of Reliance Industries Ltd., India’s largest company by market value, and has a net worth of $84 billion and is the 10th-richest person in the world according to THIS list.

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The billionaire has been snapping up properties overseas, increasingly looking westward for second homes.

Ambani bought an $80 million home in Dubai earlier this year

Reliance spent $79 million last year to buy iconic UK country club Stoke Park and Ambani is also scouting for a property in New York, Bloomberg has reported.

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Ambani’s latest purchase in Dubai is a short stroll from the $80 million home he bought earlier this year. That deal was the city’s biggest-ever residential sale until another mansion on the palm-shaped island sold for $82.4 million.

The Dubai Land Department reported a property deal worth $163 million on Palm Jumeirah earlier this week, without disclosing the buyer’s identity.

A spokesperson for Reliance declined to comment, while representatives for Alshaya didn’t respond to requests for comment.

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