Bollywood millions flow into the UAE

ABU DHABI // Leading figures from India's booming film industry, including actors, directors and hair stylists, are acquiring property worth millions of dollars in Abu Dhabi, Dubai and other cities in the Gulf. While Shah Rukh Khan, one of India's biggest movie stars, will soon start dividing his time between Mumbai and his new home on the Palm Islands in Dubai, actors Aishwarya Rai and Abhishek Bachchan are the latest investors in the luxury property market. The couple are expected to take up part-time residence in Dubai when their villa is completed in 2010. "Many of our high-profile residents in Sanctuary Falls, including the Bachchans, value their security and privacy. We are not at liberty to divulge any details of their villa," said Imran Shaikh, chief executive of Shaikh Holdings, the property company in charge of villas in Sanctuary Falls. "What we can tell you is that Abhishek and Aishwarya are excited about becoming residents in Sanctuary Falls, and that their home will serve as a holiday home for their entire family." Meanwhile, fashion designer Manish Malhotra and celebrity hair stylist Hakim Aalim have opened franchises in the UAE. Two other Indian actors, Salman Khan and Preity Zinta, and the golfer Vijay Singh are also reportedly looking into property investments in the UAE. Khan took part in the opening last month of the Twin Towers at Jumeirah Village, Dubai. The Indian celebrities will be following the examples of one of Hollywood's most celebrated couples, Angelina Jolie and Brad Pitt, and the English footballer David Beckham, who have bought homes on the Palm. Among other luxuries, the villas have private beaches and 24-hour water patrol. More than 2,000 residents will live on the Palm Jumeirah once the islands are completed. Shah Rukh Khan bought his villa last year and was presented with the keys last August by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai. Khan was also named the unofficial ambassador for the islands by the developer Al Nakheel. His formal association was expected to boost sales for the developers, said Wadah al Taha, a property lawyer and head of strategies with Emaar Financial Services. He said he expected to see more celebrities and sporting personalities to be formally tied to properties as developers tried to achieve international publicity for their projects. "The bigger players [developers] now, especially due to the category of housing units they are building, need a lot of money," Mr Taha said. The growing affluence of Bollywood actors signifies the globalisation of the industry. "Numerous Bollywood directors are beginning to shoot large portions of their movies in Dubai and the advent of Dubai Studio City will, no doubt, bring an increasing number of Bollywood celebrities to Dubai," Mr Shaikh said. Aalim opened his hair studio in Dubai two years ago and is already talking to investors about opening outlets in Abu Dhabi and Doha. Malhotra's self-named flagship boutique, which is backed by the Saif Belhasa Group of Companies, opened in Dubai in 2006 at the Jumeirah. sbhattacharya@thenational.ae