Mukesh Ambani purchases beach-side Palm Jumeirah villa in Dubai for $163 mn

The billionaire has been snapping up properties overseas, increasingly looking westward for second homes

India’s second-richest man is building upon his Dubai property empire with another beach-side villa purchase, smashing his prior record for the city’s most expensive residential real estate deal within a matter of months, according to people familiar with the matter.

Mukesh Ambani bought the Palm Jumeirah mansion last week for about $163 million from the family of Kuwaiti tycoon Mohammed Alshaya, said the people, asking not to be named as they’re not authorized to speak publicly.  

Alshaya’s conglomerate owns the local franchises for retail brands including Starbucks, H&M and Victoria’s Secret. Ambani is chairman of Reliance Industries Ltd., India’s largest