Mukesh Ambani takes Dubai! The second richest man in Asia smashed UAE property records with another landmark deal on a Palm Jumeirah villa worth US$163 million after splurging on a mansion for Anant

Oct 25 , 2022

Mukesh Ambani just dropped another US$163 million on real estate in Dubai. Photos: Google Maps, Reuters, Bloomberg

Ambani bought the extravagant villa from previous owner Kuwaiti tycoon Mohammed Alshaya who runs the conglomerate behind Starbucks, H&M and Victoria’s Secret

The news comes after Mukesh’s previous record in the Dubai property market in September, when he spent US$80 million on a 10-bedroom mansion for his son Anant

In the space of just two months, Indian billionaire Mukesh Ambani, 65, has dropped US$243 million on two luxury homes in Dubai, breaking property records in the region.

In September, Mukesh dropped US$80 million on a 10-bedroom mansion for his son Anant. This time, he’s dished out US$163 million on a mansion from a well-known Kuwaiti businessman, as reported by Bloomberg in mid October.

Mukesh Ambani, chairman of Reliance Industries Ltd, centre, with his son Akash Ambani, chairman of Reliance Jio Infocomm Ltd, left, visit a company’s stall at India Mobile Congress 2022 in New Delhi, India, on October 1. Photo: Bloomberg

Details on the home are scarce, with only the figure and the buyer’s identity recently being leaked by insiders. Here is what you need to know about the deal that has rocked Dubai’s real estate market and the other properties Ambani has dropped his cash on.

Mukesh Ambani’s secret real estate deal

Mukesh Ambani’s new Dubai property. Photo: Google Maps

Ambani bought the beachside villa in a private deal two weeks ago. The previous owner is Kuwaiti tycoon Mohammed Alshaya who has demanded privacy on the transaction, reported NDTV.

An under-construction residential villa on the waterside of the Palm Jumeirah in Dubai, United Arab Emirates, on September 28. Photo: Bloomberg

The deal was only leaked after the Dubai Land Department reported a property deal with US$163 million on Palm Jumeirah. It did not release the buyer’s identity, but several publications have named Ambani as the buyer.