Lakshmi Mittal buys the luxurious house in “Beverly Hills of Dubai”, one of its most residential sales ever: Report

One of the richest inhabitants of Britain and CEO of Arcellemittal, Lakshmi Mittal, bought a luxurious house in Dubai. The purchase is described to be one of the most residential sales in the emirate.

According to a report issued by Bloomberg, the Indian billionaire bought the palace in a bored society known as “Beverly Hills in Dubai”. The report added that the residence is listed for about 200 million dollars in 2023, and it was purchased by Metal for about half of the price.

The purchase of residency in the style of Baroque, which is lavishly with gold papers, comes amid reports that wealthy individuals explore residence options outside the United Kingdom, due to tax reforms that made the country less attractive to international wealthy people. According to the report, Metal is considering leaving the United Kingdom.

The wealthy population in the UK is concerned about the new reform that has canceled the preferential tax system of the uninterrupted population, according to which UK taxes can avoid their foreign profits for 15 years.

Mittal, 74, is not the only wealthy looking for a residential option in Dubai. The family of the billionaire Mokish Ambani also bought luxury real estate in Dubai. Egyptian billionaire Nassef Sawiris and Bart Becht, former CEO of Reckitt Benckiser PLC group are also wealthy individuals who recently decided to leave the United Kingdom.

Lakshmi Mittal was the focus of discussions on the preferential tax systems in the UK for wealthy foreigners. He and his family moved to the United Kingdom more than two decades ago.