As per Reports Mukesh Ambani Has Purchased a Mansion on the Palm Jumeirah in Dubai For a Staggering INR 1350 Cr

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Mumbai:

Confidential sources claim that Reliance Industries chairman Mukesh Ambani spent a staggering USD 163 million (about INR 1,349.60 crore) for a mansion on Dubai's Palm Jumeirah.

According to unnamed sources who are not authorised to speak publicly, Mukesh Ambani bought the Palm Jumeirah estate from the family of Kuwaiti billionaire Mahammed Alshaya last week for roughly USD163 million.

Alshaya's company is a local franchisee for Starbucks, H&M, and Victoria's Secret. Ambani has a net worth of USD 84 billion and serves as chairman of Reliance Industries, the company with the largest market capitalization in India. The billionaire prefers to buy second houses in the West and has been buying up properties in other countries. According to reports, Ambani is reportedly on the hunt for a Manhattan home, after spending $79 million for the exclusive UK country club Stoke Park last year. Ambani's newest purchase in Dubai is conveniently located near the USD 80 million mansion he bought earlier in 2022.

It was the biggest selling of a private residence in Dubai until another property on the same palm-shaped island sold for USD 82.4 million.

The Dubai Land Department revealed a real estate transaction on Palm Jumeirah for USD 163 million in October 2022. However, they did not divulge the identity of the buyer. A representative from Reliance declined to comment, while representatives from Alshaya did not return calls seeking comment.

Recent record-breaking commercial deals in Dubai are evidence of the city's success in luring the world's wealthiest business executives. As a result of the government's quick reaction to the Pandemic and policies meant to offer foreigners a bigger portion of the economy, Dubai's property market, which generates one-third of its GDP, is rising after a seven-year downturn.