Mashable: The property deal in Dubai has so far been kept secret and will be held by one of Reliance's offshore entities.

Mukesh Ambani-led Reliance Industries Ltd is the mystery buyer of an $80 million beach-side home in Dubai, as per various reports. The villa on Dubai's Palm Jumeirah was reportedly bought earlier this year for Anant Ambani, the youngest son of Mukesh Ambani, making it the largest-ever acquisition in the UAE city.

Along with his brothers Isha and Akash, Anant is one of the $93.3 billion fortune's heirs. According to Bloomberg, the beach-side mansion bearing his name is situated in the northern part of the artificial palm-shaped artificial archipelago. The local media said the mansion features 10 bedrooms, a private spa, and indoor and outdoor pools without mentioning the buyer.

This comes at a time when the 11th richest man in the world, who is 65 years old, is gradually passing over control of his businesses to his offspring after diversifying his empire with RIL's forays into renewable energy, technology, and e-commerce.

According to one of the sources, cited by Bloomberg, the property deal in Dubai has so far been kept secret and will be held by one of Reliance's offshore entities. The Ambani family is said to spend millions of dollars on the property's customization and security. The mansion will be managed by Parimal Nathwani, the RIL group's director of corporate affairs and a legislator.

Along with luxurious homes, Dubai's Palm Jumeirah is home to luxury hotels, fancy clubs, spas, restaurants, and apartment complexes with stunning views of the Persian Gulf's blue waters. Anant will become neighbors of the most well-known stars in the world after buying the home on the property, including Shah Rukh Khan and David Beckham and his wife Victoria.

Dubai has become a popular destination for the super-rich, who the government has encouraged to visit by giving them ‘golden visas’ and easing restrictions on foreigners being able to buy properties.

The real estate market in Dubai, which makes up about a third of the national economy, is rebounding after a seven-year downfall brought on by the Covid-19 pandemic. The government has implemented a provision that grants investors a 10-year visa if they purchase a property worth at least 2 million dirhams. This is one of many measures undertaken by the government.