Lakshmi Mittal’s Dubai move marks new luxury chapter

November 27, 2025

Steel magnate Lakshmi Mittal, long regarded as one of the United Kingdom’s most influential industrial figures, is preparing to shift his base to Dubai’s Naia Island, signalling a major change in his global footprint. Mittal already maintains a residence in Dubai, but a recent report in The Sunday Times states that he has acquired significant portions of land on Naia Island, a new ultra-exclusive development designed for the world’s wealthiest families. The move comes as the UK’s changing tax environment prompts several high-net-worth individuals to reconsider their long-term residency plans.

According to the report, Mittal has been reducing his full-time presence in Britain as the Labour-led government prepares to introduce a series of wealth and inheritance tax reforms. These include the potential removal of the non-domicile category, a proposed 20 per cent exit tax, and discussions around a mansion tax. The UK currently imposes a 40 per cent inheritance tax, a figure that has become a major concern for many affluent residents. As these policies gain traction, a growing number of wealthy individuals have begun assessing alternative jurisdictions that offer more predictable tax structures and long-term security. Dubai has emerged as a preferred destination as it continues to position itself as a global hub for investment, luxury living, and financial stability.

Naia Island, which will soon rise just off the Jumeirah coastline, forms part of this appeal. The new island is being developed by Shamal Holding and is located between Umm Suqeim and Jumeirah 3. Designed as a private, low-rise enclave, the development aims to deliver maximum privacy, direct beach access, and high-end living spaces tailored for global elites. Once complete, Naia Island will host the region’s first Cheval Blanc maison, a hospitality brand run by the LVMH group, known for operating some of the world’s most exclusive luxury retreats. The island will feature a limited number of villas and suites, each crafted to offer secluded beachfront living and high levels of security.

Prices for villas on Naia Island reportedly begin at AED 45 million, which is roughly Rs 109 crore. The acquisition process includes filing an Expression of Interest, following a structured payment plan, and paying a four per cent Dubai Land Department fee. Buyers also gain access to the 10-year UAE Golden Visa, a residency program that has played a significant role in attracting global investors, entrepreneurs, and high-net-worth families to the emirate.

Construction work on the island has already begun. Although developers have not yet provided a final completion date, Naia Island is expected to open in 2029. The project is positioned as a key element of Dubai’s broader 2030 Vision, which focuses on strengthening the emirate’s appeal as a centre for premium tourism, luxury real estate, and high-value economic activity. With its combination of privacy, security, modern design, and beachfront access, the island is already drawing global attention, and Mittal is among the most prominent names to be linked with it.