India Billionaire & Reliance Chairman Mukesh Ambani Buys Dubai Villa on Palm Jumeirah Island for $163 Million, Artificial Island Shaped Like a Palm Tree
21st October 2022 | Hong Kong
India billionaire & Reliance Industries Chairman Mukesh Ambani has bought a Dubai (UAE) villa for $163 million at Palm Jumeirah island. The $163 million mansion at Palm Jumeirah island has 10 bedrooms with a private spa, and indoor & outdoor pools. Earlier in 2022, Mukesh Ambani had also bought a Dubai beach-side villa for $80 million for his youngest son Anant Ambani. The $163 million mansion was bought from the family of Kuwait tycoon Mohammed Alshaya, Chairman of Alshaya Group (one of the largest retail distribution conglomerate, including local franchises Starbucks, H&M and Victoria’s Secret). Palm Jumeirah island (Dubai, UAE), is built from reclaimed land in a series of artificial archipelagos, and shaped like a palm tree. The unique island is home to some of Dubai’s top luxury resorts, including Atlantis, The Palm, FIVE Palm Jumeirah Hotel, Jumeirah Zabeel Saray and The Palm. India billionaire & Reliance Chairman Mukesh Ambani is the 2nd richest man in Asia with $89 billion personal fortune.
“ India Billionaire & Reliance Chairman Mukesh Ambani Buys Dubai Villa on Palm Jumeirah Island for $163 Million, Artificial Island Shaped Like a Palm Tree “
India Billionaire & 2nd Asia Richest with $89 Billion Reliance Chairman Mukesh Ambani to Setup Family Office in Singapore
Earlier in October 2022, India billionaire & 2nd Asia richest man with $89 billion personal fortune Reliance Chairman Mukesh Ambani is reported to be setting up a family office in Singapore. Mukesh Ambani’s wife Nita Ambani is setting up the family office in Singapore and is expected to have the family office setup in 12 months (Reliance Industries is a diversified Indian conglomerate with businesses in petrochemicals, oil & gas, telecom and retail). Many billionaires have setup family offices in Hong Kong & Singapore, and for Singapore, notable billionaires include top hedge fund founder Ray Dalio, Google founder Segrey Brin & James Dyson. Billionaires Facebook founder Eduardo Saverin and hotpot Haidilao co-founders Zhang Yong & Shu-Ping (Husband & wife) and Shi Yonghong have also switched their residency to Singapore and setup their family & family offices in Singapore. Investment funds & family offices setting up in Singapore can apply for tax incentives in Singapore.
In 2022, Singapore central bank Monetary Authority updated the S13O Scheme, requiring a minimum fund size of S$10 million at the point of application and the fund must commit to increase its AUM to S$20 million within a two-year grace period. The minimum fund size for Section 13U Tax Incentive Scheme (s13U Scheme) remains unchanged at S$50 million at the point of application.
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