Reliance Industries chairman Mukesh Ambani has bought the sprawling Palm Jumeirah mansion in Dubai for about $163 million from the family of Kuwaiti tycoon Mohammed Alshaya, according to a report by news agency Bloomberg.

The purchase of the second bungalow comes within months of the earlier beach-side luxury villa that was bought by Reliance for $80 million, a record price for a real estate deal at the time.

The billionaire has been buying properties overseas and had spent $79 million last year to buy iconic UK country club Stoke Park.

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

Reliance declined to comment on the deal.

The Dubai property market appears to be recovering after a a seven-year crash with a year-on-year increase of more than 70% on Knight Frank’s global index.