Dubai’s luxury property scene has added another billionaire to its list of high-profile buyers — Lakshmi Mittal, one of the UK’s richest residents, is now the owner of a palatial mansion in Emirates Hills, often dubbed the “Beverly Hills of Dubai.”

The India-born steel magnate, who leads ArcelorMittal, the world’s second-largest steelmaker, purchased the lavish estate earlier this year, according to sources familiar with the deal. While the property was originally listed for a staggering Dh735 million, it reportedly sold for around half that amount (Dh367), still placing it among the most expensive homes ever sold in Dubai.

The Baroque-style villa is known for its extravagant detailing, including interiors decked out in gold leaf. It sits in one of Dubai’s most exclusive gated communities, a favourite among royalty, celebrities, and ultra-wealthy investors.

Billionaires Move East

Mittal’s latest acquisition comes amid growing interest from global elites in Dubai’s booming property market, which has seen a surge in demand since the pandemic. Fellow Indian billionaire Mukesh Ambani’s family has also snapped up luxury property in the emirate.

This move also coincides with a broader exodus of high-net-worth individuals from the UK, driven by recent tax reforms. At 74, Mittal is said to be evaluating his residency options after the UK scrapped its non-domiciled tax regime, a long-standing system that allowed wealthy foreigners to avoid UK tax on overseas income for up to 15 years.

He hasn’t yet made a final decision about leaving the UK, but sources say the recent changes have prompted serious consideration. If he does relocate, it would mark a significant shift for Britain’s business elite. Other billionaires such as Nassef Sawiris and Bart Becht have already moved out of the UK.

A Global Footprint, With Deep Ties to the UK

Despite the Dubai purchase, the Mittals’ presence in the UK remains strong. They still list their Kensington mansion as a primary residence and run LK Advisers, their family office, from central London. The Mittal Foundation has donated over £20 million to healthcare and medical causes in the UK, cementing the family’s philanthropic legacy.

They’ve also made headlines for importing fine art, jewellery, and rare wines into the UK over the past decade, reflecting their status as one of Britain’s most influential billionaire families.

Big changes are coming to Jebel Ali as the historic racecourse is set to be transformed into a walkable neighbourhood filled with parks, homes, shops and community spaces.

The five-square-kilometre area will be developed under a master plan created by Bjarke Ingels Group (BIG) and backed by A.R.M Holding. The project, known as the A.R.M Holding Mega Project, will turn the former racetrack into a new “green district” that puts people, nature, and community at its heart.

What to expect

At the centre of the development will be a large central park that keeps the memory of the racetrack alive. Around it, a series of small, mixed-use neighbourhoods will be built – with homes, shops, offices, and parks all within walking distance. The idea is to let nature flow through the district, connecting the different areas like “urban islands in a sea of green.” The development is set to begin in 2026.

A city designed for well-being

The entire area will follow a “city-as-gym” concept where everything is walkable within five minutes, whether it’s your local park, a shop, your workplace or a community space. This setup aims to encourage an active lifestyle while improving public health and happiness.

The project also includes eco-friendly features like urban farms and passive cooling, supporting the goals of the Dubai 2040 Urban Master Plan. It will also include modern equestrian facilities to honour the area’s racing heritage.

Keeping it local

A key goal is to blend global design with local identity. A.R.M Holding says the community will reflect Emirati culture, values, and social needs, while also welcoming small local businesses to thrive within the neighbourhood.

“This masterplan will serve as a bridge for communication, understanding, and empathy – all of which are central to our vision of enabling prosperity,” said H.E. Mohammad Saeed Al Shehhi, CEO of A.R.M Holding.

The Jebel Ali redevelopment promises to offer a new kind of living experience in Dubai – one where green spaces, community, and culture come together.

Chelsea Football Club has announced an exciting new partnership with DAMAC Properties, bringing the iconic football brand to Dubai’s real estate scene.

The partnership will lead to the creation of Chelsea Residences by DAMAC, a first-of-its-kind, football-themed residential project in Dubai Maritime City, the city’s newest beachfront location.

A Football-Inspired Seafront Lifestyle

The upcoming Chelsea Residences will feature over 1,400 seafront units, each offering stunning views and access to Chelsea-branded amenities focused on health, fitness, and high-performance living.

From concierge services to training-style spaces inspired by elite sports facilities, every corner of the development will reflect the spirit and style of Chelsea FC.

DAMAC on Chelsea Team Shirts

As part of the partnership, DAMAC’s logo will appear on Chelsea’s match shirts for the rest of the season. The branding will make its debut on Thursday during the UEFA Conference League semi-final against Djurgarden.

Leaders React

AmiraSajwani, Managing Director of Sales & Development at DAMAC Properties, said: “This isn’t just about real estate, it’s about creating a unique lifestyle that reflects Chelsea’s legacy and relentless pursuit of excellence.”

Jason Gannon, President and COO of Chelsea FC, added: “We’re thrilled to bring Chelsea to life in Dubai through this innovative project with DAMAC. It’s a major step in expanding our global presence.”