Mukesh Ambani's Reliance Industries Buys Dubai's Costliest Home Ever For $80 Million: Report

Mukesh Ambani's Reliance Industries Buys Dubai's Costliest Home Ever For $80 Million: Report

Mukesh Ambani’s Reliance Industries Ltd. (RIL) is the mystery buyer of an $80 million beach-side villa in Dubai, the city’s biggest ever residential property deal, quoting two sources privy to the deal, Bloomberg said on Monday.

According to the report, the property on Palm Jumeirah was bought earlier this year for Ambani’s youngest son, Anant, one of the sources told the news agency.

The beach-side mansion sits in the northern part of the palm-shaped artificial archipelago and has 10 bedrooms, a private spa, and indoor and outdoor pools, local media reported without saying who the buyer is.

Dubai is emerging as a favourite market for the ultra-rich, whom the government has actively courted by offering long-term ‘golden visas’ and relaxing curbs on home ownership for foreigners. British footballer David Beckham with his wife Victoria and Bollywood mega star Shahrukh Khan will be some of Ambani’s new neighbours.

Anant is one of three heirs to Ambani’s $93.3 billion fortune, according to the Bloomberg Billionaires Index. The world’s 11th richest person, now 65-years-old, is slowly handing the reins to his children after a diversification push that expanded his empire into green energy, tech, and e-commerce.

The Ambani family has been increasing its real estate footprint overseas, with all three siblings looking Westward for second homes, a sources said.

Last year, RIL spent $79 million to buy Stoke Park Ltd. in the UK, which houses a Georgian-era mansion said to be for older son Akash, who was recently named chairman of telecom operator Reliance Jio Infocomm Ltd. His twin sister, Isha, is scouting for a home in New York, the person added.

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Meanwhile, RIL will hold its 45th Annual General Meeting (AGM) on Monday at 2 pm on a virtual reality platform and across five social media platforms, taking another leap in a bid to digitally connect people for its annual shareholder meeting. RIL Chairman and Managing Director Mukesh Ambani will virtually address the meeting in the immersive and interactive 3D world of metaverse.

Following the government’s announcement of roll-out of 5G services in India, the companies timeline for the same is being looked forward to in this AGM and with it the launch of the JioPhone 5G.

Succession of the company, future roadmap on green fuel, retail and telecom is also being expected in this year’s edition of the AGM.