Former PrettyLittleThing CEO Umar Kamani has once again made headlines by breaking the record for the largest land sale in Dubai. Kamani recently sold a portion of Jumeirah Bay Island for AED128 million (£28.07 million), marking his second record-breaking sale in just a month. This follows his sale of a 30,000 square foot undeveloped plot on the island for over AED123.3 (£27 million) in April.

In a remarkable turn of events, Kamani purchased the same plot of land just two years ago for a modest AED73.4 million ($20 million), making a profit of approximately AED54.8 million with the recent sale. Combined with his previous land sale, Kamani has generated a total of nearly AED257.16 ($70 million) from these transactions.

Jumeirah Bay Island, situated off the coast of Dubai, is renowned for its exclusive properties and breathtaking views of the city skyline. The fact that Kamani’s sales have set new records reflects the growing interest from global investors and buyers in this unique landscape.

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Umar Kamani, who founded PrettyLittleThing in 2012 and sold his remaining stake in 2020, has established himself as a prominent fashion entrepreneur

At the age of 35, he acquired the plot of land on Jumeirah Bay Island in 2017 for $8 million (£6.42 million) and recently sold it to an undisclosed buyer for $34 million (£27.28 million).

Jumeirah Bay Island is part of a man-made archipelago called the “World Islands” project, comprising approximately 300 islands designed in the shape of a world map.

Dubai has become a popular destination for expats, with an estimated quarter of a million Britons now calling it home. Expats make up 90% of the city-state’s population. Over the past three decades, the region has experienced rapid development, attracting investments from around the world to capitalize on the city’s growth potential.

 

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A post shared by Umar Kamani (@umarkamani)

Knight Frank, the brokerage firm involved in Kamani’s record-breaking deal, noted that his April sale set a new record for the most expensive vacant land transaction ever recorded on the island

This highlights the significance of these land plots, which are in high demand despite being undeveloped. While some homes on the island are completed or under construction, others are yet to be built.

Real estate brokers predict that these record-breaking sales will continue in the future. The seller in the Jumeirah Bay Island transaction, for example, owns another identical plot adjacent to the first one, which is expected to be offered for AED135 million.

In addition to his successful business ventures, Umar Kamani made headlines in April 2023 when he announced his decision to step down as CEO of PrettyLittleThing after ten years. Kamani, along with his brother Adam, founded the company in 2012 and transformed it into a global brand worth an estimated AED17.34 billion (£3.8 billion). PrettyLittleThing is renowned for its collabs with celebs such as Kylie Jenner, Khloe Kardashian, Little Mix, Gemma Owen, and Molly-Mae Hague, who also serves as the online giant’s creative director.

 

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A post shared by Umar Kamani (@umarkamani)

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