Mukesh Ambani
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.
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