Inside Dubai's Naia Island, where billionaire Lakshmi Mittal is reportedly moving

Steel billionaire Lakshmi Mittal, one of the UK’s most prominent industrialists for decades, is now reportedly preparing to base himself in Dubai’s Naia Island.

Mittal already has a home in Dubai, but The Sunday Times report says he has recently purchased “tracts of an intriguing development on nearby Naïa Island,” an exclusive, high-security enclave designed for the global elite.

According to the report, Mittal began stepping away from full-time residency in the UK as the Labour Party-led government is likely to introduce a series of wealth and inheritance tax changes. These new rules have pushed several ultra-rich individuals to reassess where they call home.

Here’s a closer look

Inside Dubai’s ultra-exclusive Naia Island

Naia Island is a soon-to-rise, private man-made island taking shape just off Dubai’s Jumeirah coastline, and it’s already attracting the world’s wealthiest, including Lakshmi Mittal.

The project is being developed by Shamal Holding, right in the waters off Jumeirah’s beachfront. Once complete, Naia Island will be a super-luxury enclave featuring the region’s first Cheval Blanc maison, a high-end hospitality brand under the LVMH group.

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Positioned between Umm Suqeim and Jumeirah 3, the low-rise island will offer a mix of private villas and suites designed for maximum privacy and beachfront living.

Shamal Holding, the Dubai-based diversified investment firm, today unveiled Naïa Island Dubai, a landmark private estate set to redefine ultra-luxury living in the region. pic.twitter.com/ScXw240tvl

— Dubai Media Office (@DXBMediaOffice) August 6, 2025

The villas on Naia Island reportedly begin at AED 45 million (around Rs 109.3 crore). Buyers are required to file an Expression of Interest, follow a structured payment schedule, and pay a 4 per cent Dubai Land Department fee. The investment also unlocks a 10-year UAE Golden Visa.

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Construction on the island has already begun, though developers have yet to announce an exact completion date. The project is expected to open in 2029 and is positioned as a key piece of Dubai’s ‘2030 Vision’ for premium tourism and ultra-luxury living.

Why did Mittal pick Dubai?

Lakshmi Mittal’s gradual shift away from the UK is largely tied to changing tax rules.

According to The Sunday Times, several of the UK’s upcoming policies have unsettled wealthy residents. These include a proposed 20 per cent exit tax, the possible introduction of a mansion tax, the scrapping of the non-domicile regime, and inheritance taxes that currently stand at 40 per cent.

For years, “non-doms” were allowed to pay tax only on the income earned within Britain, ensuring that their foreign earnings remained outside the UK tax net. With that system being dismantled, many high-net-worth individuals are reassessing their future in the country.

A friend close to Mittal told The Financial Times, “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 a UK tax resident.”

Dubai, meanwhile, offers the opposite environment.

By shifting his main base to the UAE, Mittal gains access to a system built on predictability, investment-friendly policies, and, most significantly, zero inheritance tax. The emirate’s tax-free model gives billionaires like Mittal the long-term stability needed to manage global assets, avoid sudden fiscal changes, and invest freely in high-value real estate.

This financial certainty is one of the key reasons Dubai has become a magnet for global wealth, drawing in business leaders seeking both security and a luxurious lifestyle. It also explains why many are now investing in premium developments like Naïa Island, where Mittal has reportedly purchased large plots.

Also read:  Why global millionaires are flocking to purchase UAE’s golden visa

Who is Lakshmi Mittal?

Lakshmi Mittal, born in Rajasthan, is widely known as the “King of Steel”,  a title earned through decades of transforming the global steel industry.

After completing his commerce degree from a college affiliated to the University of Calcutta, he joined his father’s small steel business. In his early 20s, Mittal branched out independently, setting up his own mill in Indonesia.

Back in the 1970s and 80s, the steel industry was scattered across the world, dominated by inefficient and often loss-making state-run mills. Mittal spotted an opportunity. He began acquiring these struggling plants, reviving them, and integrating them into a single, streamlined global operation.

His boldest move came in 2006, when he took over the Luxembourg-based steel giant Arcelor. The merger formed ArcelorMittal, now the world’s second-largest steel producer.

Today, ArcelorMittal is valued at more than £25 billion in the stock market. The Mittal family owns close to 40 per cent of the company, which employs over 125,000 people across more than 60 countries, including the UK. The group was ranked eighth in this year’s Sunday Times Rich List.

Beyond ArcelorMittal, Lakshmi Mittal holds a similar stake in Aperam, the stainless-steel manufacturer, and nearly half of HPCL-Mittal Energy.

He moved to the UK in 1995, settling there with his wife, Usha, and their two children. Over the years, he purchased some of Britain’s most expensive properties, including three homes on London’s ultra-exclusive Kensington Palace Gardens, often dubbed “Billionaires’ Row”.

With input from agencies