UAE Business: Ambani snaps up lavish Palm Jumeirah villa for $163m – Gulf Digital News

UAE Business: Ambani snaps up lavish Palm Jumeirah villa for $163m – Gulf Digital News

Mukesh Ambani, India's second richest man and chairman and managing director of Reliance Industries Limited (RIL) has bought Dubai's most expensive villa for a record-breaking $163 million, reported Bloomberg citing people familiar with the matter.

The Indian billionaire had bought the beach-side mansion last week from the family of Mohammed Alshaya, a Kuwaiti tycoon whose business conglomerate owns local franchises for retail brands like Starbucks, H&M and Victoria's Secret, stated the report.

The ten-bedroom plush residence, with a private spa, indoor and outdoor pools, is a short stroll from the $80 million home that Ambani had reportedly bought for his son Anant earlier this year.

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

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

Ambani, who has a net worth of $84 billion, has been snapping up properties overseas, increasingly looking westward for second homes. Reliance had reportedly spent $79 million last year to buy iconic UK country club Stoke Park, it added.