Dubai has long been an attractive destination for billionaires to buy properties due to its lack of income taxes or capital gains.
Thanks to its lavish lifestyle and luxurious real estate, the cosmopolitan has, in recent times, witnessed a surge in its real estate market as well as in its home prices.
As one of the media partners of an investigation carried out by the Organized Crime and Corruption Reporting Project (OCCRP), Forbes too, shed light on the highly expensive properties owned by people in Dubai, which included politicians, businessmen and celebrities, among others.
Business tycoon Mukesh Ambani, too, was also featured on the list. As per the report, the Reliance chairman bought two luxurious homes in Palm Jumeirah for $238 million, breaking records for the most expensive home sales in Dubai.
The billionaire with the second-most properties is also an Indian. The chairman of Lulu Group, M A Yusuff Ali, and his family have an estimated property worth $70 million.
Followed by Shamsheer Vayalil Parambath, the owner of Burjeel Holdings, which has properties worth $68 million.
Billionaire Gautam Adani's older brother, Vinod Adani, is also featured in Forbes' top 10 list, with nearly 17 different properties worth about $20 million.
Mukesh is the richest man in Asia; he has a net worth of around $110.2 billion.
Benchmark index closes at 111,351.17, up 927.85 points or 0.84% from the previous close
Benchmark index sheds 1,991.48 points, or -1.77%, to close of 110,423.32
Govt intends to increase country's tax-to-GDP ratio from 9-10% to 13.5%, says FinMin Muhammad Aurangzeb
KSE-100 Index closes at 112,414.80, marking decline of 1,509.61 points, or -1.33%
PSX's benchmark KSE-100 Index jumps 4411.27 points or 4.03% to close at 113,924.41 points
Benchmark index surges to 109,513.14, climbing 3,238.17 points, or 3.05%
