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Ambani buys $80m Dubai home for son

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Reliance Industries Ltd, led by business mogul Mukesh Ambani, is the mystery buyer of the beach-side villa in Dubai worth $80 million, a report quoting sources has said.

The deal is the biggest ever in the UAE  emiratey, with the sources saying that the villa brought at Dubai’s Palm Jumeirah was purchased earlier this year for Anant Ambani, the youngest son of Mukesh Ambani.

Anant is one of the heirs  to Ambani’s $93.3 billion fortune, along with his siblings Isha and Akash. The beach-side mansion in his name is located in the northern part of the palm-shaped artificial archipelago, the report by Bloomberg said. It has 10 bedrooms, a private spa, and indoor and outdoor pools, the local media reported without naming the buyer.

The report comes at a time when the world’s 11th richest person, who is now 65 years old, is slowly handing out the reins of his businesses to his children following a diversification of his empire, which saw RIL’s entry into green energy, tech and e-commerce.

The property deal at Dubai has so far ben kept a secret and will be held by one of Reliance’s offshore entities, one of the sources that Bloomberg quoted, said. The person also said that the Ambani family will spend millions of dollars to customise the property and ensure its security. Parimal Nathwani, a director of corporate affairs at the RIL group and a member of the Parliament, will manage the villa. Nathwani is also a close associate of the Ambanis.

While the property has now been bought, the Ambani family’s primary residence will remain Antilia, the 27-storey tower in Mumbai that has three helipads, parking for 168 cars, a 50-seat movie theater, a grand ballroom and nine elevators.

Dubai’s Palm Jumeirah has posh hotels, glitzy clubs, spas, restaurants and splashy apartment towers with an amazing view of the Persian Gulf’s blue waters, in addition to luxury home. With the purchase of the villa at the property, Anant will become the neighbour of some of the most famous celebrities of the world, including David Beckham and his wife Victoria, and Shah Rukh Khan. Dubai has become a favourite spot for the super rich, whom the government has encouraged to come by handing them out “golden visas” and relaxing curbs on home ownership for foreigners.

Dubai’s real estate market contributes around a third of the country’s economy, and is recovering from a seven-year downfall that occurred due to the Covid-19 pandemic. The government has taken several measures including implementing a rule that offers investors to obtain a 10-year visa if they buy a property of at least 2 million dirhams.

Network18 and TV18 – the companies that operate news18.com – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

With inputs from News18


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