Metal -billionaire acquires one of the most expensive palaces in Dubai

Lakshmi Mittal, one of the richest British population, bought one of the most expensive residential palaces in Dubai, according to people familiar with the matter. The billionaire born in India bought a luxury home in a closed residential complex, known as ‘Beverly Hills Dubai’, according to people who refused to reveal their identity when they spoke publicly about the purchase. They added that the sale took place earlier this year. The palace, a baroque style, is located in the “Emirates Hills” area and was offered for sale in 2023 at a price of approximately 200 million dollars, and is characterized by decorations covered in gold leaves at the time, according to the then sales agent. However, the agreement was concluded by about half the required price, according to the people familiar with the case. According to the Bloomberg Billionaires index, luxury transactions in Dubai Metal are the CEO of the Arceing Tal SA giant, and its wealth is estimated at more than $ 23 billion. The real estate transaction in Dubai is one of the highest value ever in the emirate, which has become an increasing destination for the rich in the world since the corona pandemic, making it one of the best real estate markets in the world. Indian billionaire family, Mokish Ambani, also bought luxury real estate in the city. Dubai property prices have risen by 70% over the past four years, bypassing most of the world markets. The wealth continued in the city’s luxury real estate market during the first quarter of this year, with record sales powered by the rich buyers’ demand for units valued at more than $ 10 million. The motives behind the escape of the rich of the British metal, the 74 -year -old, are the agreement at a time when it joins a number of rich people looking for alternative accommodation options outside the UK, due to a wave of tax reforms that made the country less attractive to the global elite. Metal is considering leaving the UK against the background of these recent changes, but he has not yet decided his decision, according to an informed person who refused to reveal his identity because of the privacy of the details. The abolition of the preferred tax system of non -permanent residents was one of the procedures that caused the anxiety of the British rich. This system, which dates from 1799 and was canceled in April, allows the so -called ‘non -residents’ to pay taxes for their external entry up to 15 years. The departure of Mittal threatens the position of London. Egyptian billionaire Nassef Sawiris and Part Bisht, former CEO of the Reckitt Benckiser group, also joined the list of wealthy people who recently decided to leave the UK. However, any Mital’s decision to leave the country will be a major blow to the business sector, especially in light of the efforts of Finance Minister Rachel Reeves to revive the British economy. Since moving with his family to the UK more than two decades ago, metal has emerged as an influential face in the billionaire community coming from abroad. It was also the focus of many discussions in Parliament on the tax privileges granted to the foreign rich, especially after his donation to the Labor Party, during the leadership of Tony Blair, when the government began an extensive overview of the ‘non -resident’ regime in the country. Metal activities in London at the same time contributed to the steel business founded by Mittal to the consolidation of its position as a prominent figure in the British strategic infrastructure, although the “Arsloor Metal” business warned the government last year, saying that one of its main sectors had to move a port in Southeast. Metal’s influence within Britain exceeds the boundaries of business and politics. Over the past decade, his wife, Osha, artistic works, jewelry and wine has introduced to the country, according to public commercial data still included in the family home in the Kensington region as an official title for them. Over the past few years, the family has also granted more than 20 million pounds ($ 26.6 million) to support health and medical care problems in Britain, through their charities that carry the family name and are based in London. In the heart of the Mayapher neighborhood, the family owns the investment business ‘LK Advisers’, which oversees the management of their wealth. A metal family representative said the company did not intend to transfer the headquarters of the LK advisers outside London.