Mukesh Ambani buys $163 million mansion at Dubai's Palm Jumeirah

Reliance Industries chairman Mukesh Ambani has bought a lavish mansion for a whopping $163 million at Dubai's Palm Jumeirah island, people familiar with the matter revealed on condition of anonymity.

Ambani bought the mansion last week from the family of Kuwaiti tycoon Mohammed Alshaya, whose business conglomerate owns local franchises for retail brands like Starbucks, H&M and Victoria's Secret, Bloomberg reported.

Ambani is India's second richest person and has a net worth of $84 billion. His latest purchase is just a walk away from the $80 million home he bought for his younger son Anant this year. The property purchased by Reliance Industries is a ten-bedroom plush residence with a private spa, indoor and outdoor pools.

It was the most expensive deal until another house at the super-rich Palm Jumeirah was bought for $82 million earlier this month. The Casa Del Sole has eight bedrooms and 18 bathrooms. It has a gymnasium, a movie theatre, bowling alley, jacuzzi and a 15-car parking facility at the basement.
The latest purchase is evident that Ambani has been expanding his presence in Dubai. Last year, Reliance had bought the iconic UK country club Stoke Park by spending $79 million, Bloomberg report stated.

The Dubai Land Department did confirm that the mansion was sold for $163 million but it did not reveal the buyer's identity. The city's property market is recovering from a slump after the Covid-19 pandemic.

It has been luring the world's influential business executives into buying a property on its soil. The foreign residents constitute 80 per cent of the UAE's population and have been a mainstay of the country's economy. The Indians are ranked among the top buyers of Dubai real estate.

According to report, the UAE property prices surged by more than 70 per cent over the last year.