Lakshmi Mittal said to buy ‘Beverly Hills of Dubai' home
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.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Villas For Sale in Dubai Might Surprise You
Villas In Dubai | Search Ads
Get Rates
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.
Live Events
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
16 minutes ago
- Time of India
UP releases academic calendar 2025-26 for state universities and colleges
Lucknow: The UP govt on Monday released the academic calendar for 2025-26 for the state universities and their associated colleges. Accordingly, classes for newly enrolled students in the first semester will begin on July 26. For those in the third and fifth semesters, teaching will begin on July 21. Universities have been asked to finish admissions by July 24. An order by principal secretary, higher education, MP Agarwal said that universities must conduct a one-week induction programme as per UGC guidelines before and after classes from July 26-30. Agarwal directed the registrar of the universities to ensure that NEP 2020 is implemented in all courses except law and medicine. Universities and colleges have been asked to prepare their annual activity calendar in view of the academic calendar and upload it on their website, according to which all the curricular and non-curricular activities will be conducted throughout the year. Directives have been issued to universities to begin evaluation simultaneously with the examinations and finish it within a week after examinations end. Universities must complete non-academic activities without disrupting the teaching work. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Most Beautiful Women In The World Undo In situations where there are fewer teaching days, universities must conduct extra classes, both offline and online. University examinations will be conducted twice a year, from Nov 11, 2025, to Dec 10, 2025 (Odd semester), and Apr 11, 2026, to May 10, 2026 (Even semester and annual exam). Universities are recommended to make a list of courses available on SWAYAM for minor papers and skill courses. Students can study these courses selected by their universities on SWAYAM for free and appear for examinations. All universities will map the courses online on SWAYAM and upload their list on the website and ensure its credit transfer. Agarwal instructed the universities to close all admissions by July 26. The registrar will be held responsible for any delay in the admissions. If a student is unable to take admission due to pending results for exams like CUET, then the university can permit such students if seats are vacant. The order also said that teachers should conduct the continuous internal evaluation (CIE) of the students along with teaching work. The university will not conduct any kind of mid-term examinations or internal examinations for CIE. Instead of examinations for evaluation, teachers will carry out a comprehensive evaluation of students based on suggestions given by the govt. In addition, the controller of examinations has been asked to ensure transparency in practical examinations, for which all educational institutions will live stream or upload practical examinations on their institution's YouTube channel (to be created in case institutions don't have one). Agarwal suggested that all universities conduct the examination of the odd semester in written, descriptive mode and the examination of the even semester in multiple-choice question (MCQ) mode. This, he said, will ensure the timely completion of examinations and results.
Time of India
17 minutes ago
- Time of India
Granite polishing units in Prakasam fear closure
1 2 Vijayawada: Thousands of daily workers in Chimakurthy, a granite town in Prakasam district, are struggling to find work as small and medium-sized granite polishing units face the threat of closure due to the entry of big companies into the polishing segment. These small and medium units, numbering around 200, have been handling a substantial volume of business for the past three to four decades, procuring stocks from granite quarries and selling the polished granite to exporters. The polishing units have been responsible for cutting, polishing, and managing equipment and manpower costs, while quarry owners have made direct profits from exporters. This system allowed exporters to enjoy profit margins without investing in labor and machinery. The middle-segment polishing units have been creating massive employment opportunities for both locals and migrant workers, with approximately two lakh people working in various polishing and cutting units in and around Chimakurthy. Each small polishing unit used to handle around 20,000 cubic meters of stock and purchase about 200 containers of stock from quarry managements, supplying the polished granite to big exporters. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Seniors Qualify For the New 87¢ Generic Viagra - See How Health Alliance by Friday Plans Learn More Undo However, the entry of big corporate firms into the polishing segment has altered the industry's dynamics. Each big firm is handling around 1 to 1.5 lakh cubic meters of stock, equivalent to the stock processed by nearly 15-20 small firms. According to sources, around 20 big companies have started operations in Prakasam district, each with the capacity to process about 1.5 lakh cubic meters of stone. This means that just 20 firms are processing a volume equivalent to that of 200 small companies. The big firms have the capacity to handle even more stock in the future due to their advanced machinery, which requires significantly less manpower. Each big unit is reportedly procuring over 150-200 containers of granite per month, equivalent to the entire stock procured by all the small units combined. The granite quarry owners are also supporting the big firms, reportedly making advance payments of Rs 2-4 crore per month. The small polishing unit owners are struggling to survive, and one owner, Raghunatha Reddy, stated that the entry of big firms with advanced machinery and their influence over quarry managements has crippled the industry. The small units cannot survive unless govt intervenes and provides them with some stock.
Time of India
17 minutes ago
- Time of India
NRIs launch curated tour packages for Singaporeans in coastal Karnataka
Mangaluru: Undeterred by the recent setback of direct flights between Mangaluru and Singapore failing to take off, Singapore-based NRIs launched an alternative strategy to boost tourism in Coastal Karnataka. Their new initiative, a series of curated tour packages for Singaporeans to Mangaluru, aims to significantly increase tourist traffic, ultimately reviving hopes for direct air connectivity. The first tour, 'Ashta Kshetra Darshan', a five-day spiritual and sightseeing journey, commences on June 13, with an inaugural batch of a small group. This marks a crucial step in showcasing the region's unique appeal. Future plans include 'Exotic Tulunadu' for adventure and beaches, and 'Rome of the East' focusing on historical churches and recreation. Rajesh H Acharya, director of HQ Connections Pte Ltd, Singapore, curated the tour packages with an aim to promote tourism in Coastal Karnataka, and to encourage direct flights from Singapore to Coastal Karnataka. The Tulu community in Singapore was keen to promote the destination when a direct flight between Singapore and Mangaluru was announced from Jan 2025, but the withdrawn later. The 'Ashta Kshetra Darshan' is a tour of eight popular temples in Coastal Karnataka, which is offered through tour operator Udupi Vaibhav. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Idols - Handmade Brass Statues for Home & Gifting Luxeartisanship Buy Now Undo A native Singaporean couple, Asokan and Mohanammbal, are excited about joining the tour as their 14-year wish to visit Kollur Mookambika temple is coming true. They are third-generation Singapore citizen of Tamil origins. "About 14 years ago, I went to Thiruvarur to my son-in-law's village where I met a local diamond merchant who gave me the picture of Kollur Amma and told me to visit her. I am excited to take this journey," shared Mohanammbal. Acharya said that this trip will be held every month, and two more packages will be introduced from Sept: Exotic Tulunadu and Rome of the East—10 churches visit, sightseeing, and recreation. "The initiative seeks support from the global Tulu community to promote tourism and strengthen the case for a direct flight between destinations. Soon we will also contact all the Indian communities here in Singapore to support it," said Acharya, adding that the tour packages aim to target more than 2 lakh Indian expats and Singaporeans.
