Mukesh Ambani’s Reliance Industries Ltd (RIL) reportedly bought an $80-million beachside villa in Dubai’s biggest ever residential property deal. The property, located on the posh Palm Jumeirah was bought for Ambani’s youngest son Anant earlier this year.
The villa on the northern part of the artificial palm-shaped archipelago has 10 bedrooms, a private spa and indoor and outdoor pools. Dubai’s residential real is fast emerging as a preferred destination for the well-heeled as the government tries to lure the ultra-rich with ‘golden-visas’ and relaxed home ownership rules for foreigners.
The Ambani family has been adding swanky addresses in foreign destinations to their real estate portfolio. Last year, the elder Ambani sibling Akash, who was recently named the Chairman of Reliance Jio Infocomm, bought a $79-million Stoke Park Ltd which houses a mansion in the UK. His twin sister Isha is looking for a second home in New York.
The Dubai deal was kept under the wraps and the property will be owned by one of Reliance’s offshore entities. The villa will be customised with enhanced security and will be managed by Parimal Nathani, a longtime Ambani family associate and the Director of Corporate Affairs at the group. The Ambani family’s private residence will continue to be Antilia, a 27-storey skyscraper in South Mumbai.
