During the early days of the pandemic, Dubai’s property market was in turmoil, with an abundance of unsold homes and scant prospects for a recovery in the oil-rich region. But for Akshay Naheta, that proved the perfect time to buy.

The former SoftBank Group executive said he started scooping up land – gaining a partial interest in 20 per cent of the plots on the city’s secluded, seahorse-shaped Jumeirah Bay Island. Now, after several years of construction, that bet looks set to pay off as he and Lebanese developer Wissam Damaa launch a collection of 10 mega-mansions on the isle and neighbouring coast of La Mer.

Bloomberg Wealth