Rostec CEO Sergei Chemezov and his associates acquire “ultraluxe” Dubai villas featuring $1M crystal bathtubs

Rostec CEO Sergei Chemezov and his close associates have purchased several extravagant villas in one of Dubai’s most exclusive developments, according to a new investigation by RFE/RL’s investigative unit Systema. The properties are located in the gated “XXII Carat” community on the man-made Palm Jumeirah island — home to some of the most expensive real estate in the UAE.

Chemezov, along with Rosoboronexport CEO Aleksandr Mikheyev and Russian Helicopters CEO Nikolai Kolesov, visited Dubai in November 2023 for the Dubai Airshow. All three state company executives now own private villas in the “XXII Carat” compound, which includes 22 “ultraluxe” Italian-style palazzos featuring private 200-meter beaches.

Chemezov acquired a villa in the most expensive category — “Sapphire” — valued at over $30 million. The beachfront estate spans 2,170 square meters and features seven bedrooms. A signature feature of these homes is a $1 million bathtub carved from a single 10-ton block of either crystal or pink/green quartz. The property is officially registered to an offshore firm represented by lawyer Natalia Agapova, who is linked to business projects involving Chemezov’s family. Mikheyev's and Kolesov’s villas are located nearby and fall under the same premium category.

According to sources cited by Systema, Chemezov has vacationed regularly in Dubai since 2015, spending nearly every holiday there. Rostec executives initially rented villas at five-star resorts before deciding to purchase their own properties. They personally oversaw the renovations and interior design throughout a period of 18 to 24 months.

Though Mikheyev has worked exclusively in state companies since 2001 and has never publicly disclosed his earnings, his net worth is estimated at $87 million. From 2009 to 2021, the Chemezov family officially earned 16.8 billion rubles (approx. $190 million), with most of the income generated through contracts involving Chemezov’s wife and Rostec-linked entities.

In 2021, Alexei Navalny’s Anti-Corruption Foundation (ACF, also known as the FBK after its Russian abbreviation) published an investigation into Vladimir Putin’s palace near the Russian resort town of Gelendzhik, located on the Black Sea coast. One of that property’s more unusual features — a so-called “aquatic disco” (“akvadiskoteka”) — became a widely shared meme after the report, symbolizing Vladimir Putin’s lavish and ostentatious wealth.