What's inside Naia Island, where billionaire Lakshmi Mittal is moving
What's the story
Billionaire businessman Lakshmi Mittal is reportedly shifting his base to Dubai's Naia Island. According to The Sunday Times, he recently purchased "tracts of an intriguing development on nearby Naïa Island." The man-made island, which is still under construction off the Jumeirah coastline, is being developed by Shamal Holding. Once completed, it will be a super-luxury enclave with private villas and suites. The project includes the region's first Cheval Blanc maison under the LVMH group.
Island details
Naia Island: A luxury haven for the ultra-rich
"A limited number of branded beachfront residences and estate plots will be available, each with private beach access, offering a rare opportunity to reside on an island where design, nature, and lifestyle exist together perfectly," said Shamal. Naia Island is located between Umm Suqeim and Jumeirah 3. The villas on the island start at AED 45 million (around ₹109.3 crore).
Tax shift
Mittal's move to Dubai amid UK tax changes
Buyers must submit an Expression of Interest, adhere to a payment plan, and pay a 4% Dubai Land Department fee. This investment also grants a 10-year UAE Golden Visa. Mittal's decision to move from the United Kingdom is reportedly due to impending wealth and inheritance tax changes. The Sunday Times reported that upcoming UK policies have rattled rich residents. These include a proposed 20% exit tax, a possible mansion tax, and inheritance taxes of up to 40%.
Wealth magnet
Dubai's tax-free model attracts global wealth
In contrast, Dubai has a tax-free model with zero inheritance tax. "He is exploring his options and will take a final decision over the course of this year. There is a good chance he will cease to be...UK tax resident," a friend close to Mittal told The Financial Times. The billionaire already owns a mansion in Dubai. The Baroque-style mansion in the Emirates Hills community was listed for over $200 million in 2023 and is lavishly embellished with gold leaf.
Career journey
Lakshmi Mittal: From Rajasthan to global steel magnate
Mittal, born in Rajasthan, is known as the "King of Steel" for revolutionizing the global steel industry. He started his career in his father's small steel business after graduating from a University of Calcutta-affiliated college. In the 1970s and 80s, he acquired struggling state-run mills worldwide and merged them into ArcelorMittal, which is the world's second-largest steel producer today. ArcelorMittal is valued at over £25 billion, with the Mittal family owning nearly 40% of the company.