Billionaire Lakshmi Mittal is relocating to Dubais Naia Island; know all about it

New Delhi: Lakshmi Mittal, Indian-origin steel tycoon who has been one of UK’s most prominent industrialists for decades, has exited the country and is reportedly readying to shift his base to Dubai’s Naia Island. He already owns a mansion in Dubai.

The Sunday Times report says that he has recently bought "tracts of an intriguing development on nearby Naia Island”. The island is an exclusive and private, high-security enclave designed for the world’s elite.

Mittal, who has a regular name on Britain’s billionaire rankings, is reportedly relocating to Dubai as the Labour Party-led government plans a tax overhaul targeting the super-rich. It is likely to introduce a series of wealth and inheritance tax changes. There are a number of ultra-rich people who are walking out of the UK due to the proposed government move.

Naia Island is an upcoming private, man-made island situated off Dubai’s Jumeirah coastline. The island has drawn massive interest among some of the world’s most affluent, including Lakshmi Mittal.

Being developed by Shamal Holding in the waters just off Jumeirah’s beachfront, the project has become a global cynosure. It is being hailed as a landmark private estate that is set to redefine ultra-luxury living in the region. After it gets completed, Naia Island will be a ultra-luxury enclave housing the region’s first Cheval Blanc maison, a high-end hospitality brand under the LVMH group.

Located between Umm Suqeim and Jumeirah 3, the low-rise island will have a mix of private villas and suites, designed to offer both privacy and premium beachfront living.

The price of villas on Naia Island start from AED 45 million (around Rs 109.3 crore). Those keen to buy have to file an Expression of Interest, adhere to a structured payment schedule, and pay a 4 per cent Dubai Land Department fee. The investment also makes one eligible for a 10-year UAE Golden Visa.

The construction activity is underway on the island. Developers haven't yet announced an exact completion date. It is expected that the project will open in 2029 and is being promoted as a key element of Dubai’s 2030 Vision for premium tourism and ultra-luxury living.

Mittal, along with a number of ultra-rich people, are walking out of the UK. This comes as Chancellor Rachel Reeves prepares more tax hikes on the wealthy to plug a £20-billion gap in public finances. The tax proposals include a 20 per cent exit tax, a potential mansion tax, the scrapping of the non-domicile regime, and inheritance taxes that currently stand at 40 per cent.

The Sunday Times report cited advisers saying that inheritance tax, not income or capital gains tax, was the "key issue” that has forced Mittal to leave the country. Many wealthy foreign residents, a source said, "cannot understand why all of their assets worldwide should fall under UK inheritance tax”, and they had "little choice but to leave”.

Dubai offers Mittal, and businessmen like him, predictability, investment-friendly policies, and no inheritance tax. The UAE's tax-free system provides billionaires like Mittal with long-term stability to manage global properties, protect themselves from sudden economic changes, and invest in high-value real estate -- without any inhibitions.