Billionaire Lakshmi Mittal said to buy ‘Beverly Hills of Dubai' home
(Bloomberg) -- Lakshmi Mittal, among Britain's richest residents, is the buyer of one of Dubai's priciest mansions, people familiar with the matter said.
The India-born billionaire snapped up a palatial home in a gated community known as the 'Beverly Hills of Dubai,' said the people, who didn't want to be identified speaking publicly about the purchase, adding the home sold earlier this year.
The Baroque style residence in the Emirates Hills community was listed for about $200 million in 2023 and is lavishly decorated with gold leaf, the selling agent said at the time. It sold for around half of the listing price, according to people familiar with the matter.
Mittal is the executive chairman of steelmaking giant ArcelorMittal SA and has a net worth of more than $23 billion, according to the Bloomberg Billionaires Index.
His purchase ranks among the priciest residential sales ever in Dubai, which has lured the uber-wealthy since the coronavirus pandemic and turned into one of the world's best-performing property markets. Indian billionaire Mukesh Ambani's family has also bought luxury real estate in the city, which is part of the United Arab Emirates.
Property prices have surged around 70% over the past four years in Dubai and outpaced much of the world. The boom in the city's luxury market continued into the first quarter this year, with wealthy buyers again driving record sales of homes valued above $10 million.
Mittal, 74, made the purchase as he joins other wealthy individuals exploring residency options outside the UK, spurred by a wave of tax reforms that have made the country a less attractive place for the global elite.
Mittal has been considering leaving the UK in the fallout of the recent tax changes but no final decision has been made yet, according to a person familiar with the matter, who asked not to be identified as the details are private.
Among the measures unsettling the UK's wealthy residents is the scrapping of its preferential tax regime for non-domiciled residents. Under that system, which dates back to 1799 and ended in April, so-called non-doms could avoid UK taxes on their overseas earnings for as long as 15 years.
Other wealthy individuals who recently did decide to leave the UK include Egyptian billionaire Nassef Sawiris and Bart Becht, the former CEO of Reckitt Benckiser Group Plc, but any move by Mittal to quit the UK would be a particularly high-profile blow for the nation's business sector as Chancellor Rachel Reeves seeks to revive Britain's economy.
Mittal's become a figurehead for Britain's community of billionaires hailing from overseas since he and his family relocated to the UK more than two decades ago. Along the way, he's been a focus of parliamentary debates on Britain's preferential tax regimes for wealthy foreigners after donating to the Labour Party under Tony Blair's leadership as his government reviewed the UK's non-dom regime.
The steel firm he founded has also made him a prominent figure in Britain's strategic infrastructure, though ArcelorMittal warned the British government last year that one of its main divisions may be forced to leave the nation over plans to redevelop a southeast England port.
Mittal's influence in Britain extends beyond business and politics too. He and his wife, Usha, have imported artworks, jewelry and wines to the UK over the past decade, according to public trade data, which still list the Mittals' Kensington home as their address. The family has also committed more than £20 million ($26.6 million) in recent years to healthcare and medical causes in the UK through their namesake foundation based in London, where they have an investment firm, LK Advisers, that helps to oversee their fortune from central Mayfair.
A representative for the Mittals said there are no plans to relocate LK Advisers from London.
--With assistance from Julius Domoney.
(Updates with surge in property prices in the sixth paragraph.)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
34 minutes ago
- Mint
Senate GOP Seeks to Scale Back Food Aid Cuts in Trump Tax Bill
Bloomberg Updated 12 Jun 2025, 02:52 AM IST Senate Republicans plan to scale back cuts to federal food aid for the poor that their counterparts in the House used to help pay for Donald Trump's massive tax and spending package, a key senator said Wednesday. The Senate version of the tax legislation would exempt states that keep their food stamp payment error rates low from a new cost-shifting provision House Republican imposed requiring state governments to cover as much as a quarter of the cost of federal food stamps received by their residents, Senate Agriculture Chairman John Boozman said. Boozman, whose committee has jurisdiction over portions of the legislation covering federal food aid and farm subsidies, said the Senate version also would exempt parents of children younger than 10 years old from work requirements for food assistance. The House version of the tax bill imposes work requirements on parents once their children turn 7 years old. The House version of the legislation would require states to pay between 5% and 25% of the cost of benefits their residents receive through federal food stamps, formally known as the Supplemental Nutrition Assistance Program or SN. States with lower payment error rates would pay a smaller share of food stamp costs. The new requirements for SN will be delayed to 2028 to give states time to adjust, Boozman said. The Senate version would exempt states with a payment error rate below 6% from the cost-sharing requirement, Boozman said. Republicans on the Senate Agriculture Committee considered the House version too burdensome on states, the Arkansas senator said. This article was generated from an automated news agency feed without modifications to text.
India Gazette
37 minutes ago
- India Gazette
Centre reduces basic custom duty on major imported crude edible oils from 20% to 10%
New Delhi [India], June 11 (ANI): The central government on Wednesday reduced Basic Custom duty (BCD) on major imported crude edible oils from 20 per cent to 10 per cent. The Ministry of Consumer Affairs, Food and Public Distribution said in a release that the Centre has reduced the Basic Customs Duty on crude edible oils - crude sunflower, soybean, and palm oils - has been reduced from 20% to 10% resulting in the import duty differential between crude and refined edible oils from 8.75% to 19.25%. This adjustment aims to address the escalating edible oil prices resulting from the September 2024 duty hike and concurrent increases in international market prices. An advisory has been issued to edible oil associations and industry stakeholders to ensure that the full benefit of the reduced duty is passed on to consumers, the release said. It said 19.25 % duty differential between crude and refined oils will help to encourage domestic refining capacity utilization and reduce imports of refined oils. By lowering the import duty on crude oils, the government aims to reduce the landed cost and retail prices of edible oils, providing relief to consumers and helping to cool overall inflation. The reduced duty will also encourage domestic refining and maintain fair compensation for farmers. The revised duty structure will discourage the import of refined palmolein and redirect demand towards crude edible oils especially crude palm oil, thereby strengthening and revitalizing the domestic refining sector. 'This significant policy intervention not only ensures a level playing field for domestic refiners but also contributes to the stabilization of edible oil prices for Indian consumers,' a release said. A meeting with leading Edible Oil Industry Associations and industry was held under the Chairmanship of Secretary, Department of Food and Public Distribution, and advisory was issued to them to pass on the benefits from this duty reduction on to consumers. Industry stakeholders are expected to adjust the Price to Distributors (PTD) and the Maximum Retail Price (MRP) in accordance with the lower landed costs with immediate effect. The Associations have been requested to advise their members to implement immediate price reductions and share the updated brand-wise MRP sheets with the Department on a weekly basis. DFPD shared the format with edible oil industry for sharing the reduced MRP and PTD data. 'The timely transmission of this benefit to the supply chain is imperative to ensure that consumers experience a corresponding decrease in retail prices,' the release said. This decision comes after a detailed review of the sharp rise in edible oil prices following last year's duty hike. The increase led to significant inflationary pressure on consumers, with retail edible oil prices soaring and contributing to rising food inflation. (ANI)
India Gazette
37 minutes ago
- India Gazette
"Looking to deepening ties, centrepiece is FTA": EAM Jaishankar on India-EU relations
Brussels [Belgium], June 11 (ANI): External Affairs Minister Dr S Jaishankar on Wednesday spoke at the German Marshall Fund Brussels Forum 2025, where he highlighted the importance of India's relationship with the European Union. Jaishankar stated that India gives 'pretty high priority' to its relations with the EU, highlighting the growing interest in Europe over the past decade. Jaishankar expressed optimism about the India-EU Free Trade Agreement (FTA), saying that discussions have been positive and that the agreement is 'within sight' of being finalised by the end of the year. Jaishankar said, 'We are really looking to deepening our ties, the centrepiece is the FTA.' He said his meetings have been very positive and noted that discussions took place on mobility and talent flows, education. On the timeline for the fruition of the Free Trade Agreement between India and the EU, EAM Jaishankar noted that since the visit of the College of Commissioners in February, 'A lot has been done and everything that I heard on this trip gives me the confidence that it's within sight that by the end of this year it is feasible to do this'. Jaishankar also addressed the trade tensions between the EU and the US, stating that India values its relations with both partners and will deal with each on terms that are mutually beneficial. He acknowledged that Europe has distinct positions on many issues, which may not always align with those of the US. Jaishankar said, 'We see today that Europe has a distinct position on many issues, those are not necessarily the positions shared today in the United States, so that's a reality. We value our relations with the US as we do with the EU we will deal with each one on terms which are best for both of us.' On the Russia-Ukraine conflict, Jaishankar reiterated India's position that differences between countries cannot be settled by war and that negotiations are the best way forward. He noted that while this position may not have been widely accepted initially, the world is now coming to terms with it. 'We have felt from the start, even if two countries have differences, it cannot be settled by the cause of war. Two, if the war has started, you cannot get solutions on the battlefield... the answer then is to negotiate. It makes sense to negotiate directly than through convoluted signalling. So that's been our position.' He noted that although this position wasn't widely accepted in 2022, the world is coming to terms with it now.' Jaishankar is in Brussels where he has held several interactions with senior officials of the European Union. Discussions have seen positive developments on several fronts of the India-EU partnership. (ANI)
