LAKSHMI MITTAL, executive chairman of ArcelorMittal SA and one of Britain’s richest residents, has purchased a mansion in Dubai’s Emirates Hills, known as the “Beverly Hills of Dubai”, Bloomberg reported, citing people familiar with the matter.
The Baroque-style home was listed for around £150 million in 2023 and sold for roughly half that amount earlier this year, according to people with knowledge of the deal.
The residence is lavishly decorated with gold leaf, the selling agent had said. Bloomberg reported the deal is among the most expensive residential sales in Dubai.
Mittal, 74, has a net worth of more than £17.3 billion, according to the Bloomberg Billionaires Index. The purchase comes as he considers leaving the UK following recent tax changes. A person familiar with the matter told Bloomberg that no final decision has been made yet.
The UK recently scrapped its preferential tax regime for non-domiciled residents, prompting several wealthy individuals, including Nassef Sawiris and Bart Becht, to relocate.
Mittal has been a prominent figure in UK business and politics for over two decades.
A representative for the Mittals told Bloomberg there are no plans to move their investment firm, LK Advisers, from London. The family continues to reside at their Kensington home.
The incident occurred on the same day Labour leader Sir Keir Starmer addressed the audience at London Tech WeekGetty Images