What Is Naia Island? The Ultra-Luxury Zone Linked To Lakshmi Mittal’s Reported Relocation

Steel billionaire Lakshmi Mittal, long considered to be among the UK’s wealthiest industrialists, is reportedly shifting base to Dubai’s Naia Island, a new, high-security luxury zone made for the world’s rich. The development comes as the UK’s Labour government gets ready to impose a 20% exit tax, a mansion tax, the abolition of the non-domicile regime and a continuing 40% levy on inheritance. The proposed changes in wealth and inheritance tax laws have prompted high-net-worth residents to rethink where they base their fortunes, according to a Times of India report.

Even with this shift, Mittal is not likely to give up his vast Kensington Palace Gardens portfolio, believed to be worth more than £300 million. This would include the famous “Taj Mittal” house, which boasts marble sourced from the same quarry as the Taj Mahal.

The combination of proposed reforms has reportedly encouraged the Indian-origin steel tycoon to increase the time he spends in Dubai and Switzerland. Dubai’s tax framework, including “zero inheritance tax” and a predictable financial environment, gives wealthy residents more control over long-term asset protection. For those managing large international portfolios, the emirate offers the stability they believe is slipping away in Britain.

At the centre of recent discussions is Mittal’s reported acquisition of property on Naia Island, a carefully created private island positioned just off Dubai’s Jumeirah coastline. It is designed especially with the ultra-wealthy in mind and has quickly set itself apart by offering a high level of privacy and exclusivity. The concept of the island is defined by its low-density layout, allowing space and openness to take precedence over skyscraper living. There is also an ultra-exclusive hospitality element: the first Cheval Blanc Maison in the region, operated under LVMH. It will bring hotel-grade services right into the private spheres of its residents, the TOI report adds.

Naia Island’s limited number of branded homes and estate plots means each residence is built with direct private beach access. The entire masterplan relies on low-rise architecture to preserve uninterrupted sea views and sightlines towards Dubai’s well-known landmarks. For those who enjoy maritime living, a private marina with dedicated yacht berths is integral to the project.

Naia Island aims to merge seclusion, natural beauty and high-end living, with full completion expected around 2029.

Mittal’s upcoming home on Naia Island is set to be a bespoke property positioned on expansive plots measuring between 21,000 and 48,000-plus square feet, according to an Economic Times report. Villa prices on the island reportedly begin at around AED 45 million (about Rs 109.3 crore). Prospective buyers are required to file an Expression of Interest, adhere to a phased payment schedule and cover a 4% Dubai Land Department charge, with the purchase granting eligibility for a 10-year UAE Golden Visa, the ET report mentioned.

Lakshmi Niwas Mittal, born in Rajasthan, built his reputation through decades of consolidation in the global steel industry. As the founder and executive chairman of ArcelorMittal, he leads the world’s largest steel and mining company outside China.

Mittal’s acquisitions in the 1980s and 1990s, followed by the transformative merger in 2006, cemented his influence over major industrial sectors, from construction to renewable energy.