M.A. Yusuffali granted Saudi's premium residency

UAE-based businessman M.A. Yusuffali, chairman and managing director of Lulu Group, has received Saudi Arabia's 'premium residency' permit. His office said in a statement that he was the first Indian to have received the permit.
Taking to Twitter, the Premium Residency Centre quoted the businessman as saying: "The Kingdom became an attractive investment destination due to the remarkable growth in economy."
In November last year, Saudi Arabia had announced granting premium residency to 73 applicants. The permit offers many advantages like ease of obtaining a business licence and ownership of real estate and business without the need for a sponsor, among others. The permit was introduced as part of Saudi Arabia's Vision 2030 reform plan, which was announced by Crown Prince Mohammed bin Salman to boost the economy.
Yusuffali said he was greatly "honoured and humbled".
"This is a great honour not only for me but for the entire Indian expat community and I sincerely thank the Custodian of the Two Holy Mosques King Salman bin Abdulaziz of Saudi Arabia, Crown Prince Mohamed bin Salman and the government of Saudi Arabia.
"I am sure this new permanent residency initiative will further boost Saudi Arabia's image as one of the key investments and business hubs of the region as well as attract and retain new investors here. This initiative is targeting key investors and prominent personalities from various fields including sports, arts and culture, who have played a defining role in the nation building process."
Lulu Group owns and operates more than 35 hypermarkets and supermarkets in Saudi Arabia, which includes ARAMCO Commissaries and National Guards super stores.
ashwani@khaleejtimes.com

• Saudi Arabia

Ashwani Kumar

Ashwani Kumar is a versatile journalist who explores every beat in Abu Dhabi with an insatiable curiosity. He loves uncovering stories that are informative and help readers form their own opinions.

ashwani@khaleejtimes.com