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Indian billionaire M.A. Yusuffali gets first UAE Permanent Residency 'Golden Card'

Dubai - He was ranked the richest expat in UAE this year.

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The Federal Authority for Identity and Citizenship, ICA, issued the first "Golden Residence Permit" in Abu Dhabi, as part of the "Investors Permanent Residence System" implemented under the UAE Cabinet's Resolution No. 56 for 2018, which aims to help investors, entrepreneurs and qualified individuals who meet its criteria.
UAE-based businessman, LuLu Group chairman M.A. Yusuffali has become the first expat to get the exclusive Permanent Residency 'Golden Card', Wam reported on Monday.
Also read: Indian businessmen first to get UAE long-term visa
The Abu Dhabi-based Keralite tycoon is worth $4.7 billion - ranked the richest expat in UAE according to Forbes magazine's 2019 list of billionaires.
Brigadier Saeed Salem Al Shamsi, Executive Director of the General Directorate of Residency and Foreigners Affairs in Abu Dhabi, awarded the first permit to Ali, who is also Board Member of the Abu Dhabi Chamber of Commerce and Industry, during a ceremony that also honoured him for his role in promoting economic growth in the country.
The ICA also communicates with investors and business leaders outside the country, to showcase the UAE's economic and social advantages and consolidate its regional and international leadership in creating a suitable environment, through providing facilitation, ensuring freedom of movement, and helping investors and their families stay in the country, he added.
The first batch of 6,800 investors with Dh100 billion worth of investments will be granted the "Golden Card."
The UAE Cabinet has approved the long-term visa system for expatriates announced by the country earlier this year, while also confirming the criteria that need to be met.
The UAE announced that it would grant five or 10-year residency visas to investors, entrepreneurs, specialists in the medical, scientific, research and technical fields, and 'outstanding' students to "facilitate business and create an attractive and encouraging investment environment" in the country. The visa benefits also extend to the wider family (spouse and children).
In January, the government also granted the first batch of long-term visas to 20 scientists who were the winners and finalists of the Mohammad Bin Rashid Medal for Scientific Excellence.
The UAE has started issuing the permanent residency documents to select people earlier in May.
Commenting on the honour, the humble tycoon said:

'Obviously a very proud and emotional moment in my life. UAE has been my home for more than 45 years now. Whatever I am today is thanks to this great country, which has given me more than what I can dream of.

To be the first one to receive this great honour is truly a very humbling experience, and I sincerely thank the visionary rulers of this great country. It is their far-sighted vision which has made UAE, one of the most safe, secure, tolerant and developed nations in the world.

I am sure this new Gold Card permanent residency scheme aimed at key investors ,who have played a defining role in the nation building process, will further boost UAE's image as one of key investment & business global hubs as well as attract and retain new investors here.

I see this as an honour not only for me but for the entire expat community from more than 200 countries residing here, for whom UAE has been almost like a second home.'

The new initiative had identified the first 6,800 qualified expats from over 70 countries. (How to apply)
Earlier, over the weekend, ICA and the Ministry of Economy discussed means of cooperation between them in order to enhance opportunities for attracting investors and entrepreneurs in various fields and to promote facilities, which can be provided by both sides in their respective fields of specialization. This in turn would facilitate business conduct and create an investment environment which attracts and encourages business growth and success in the State.
During the meeting, Al Rashidi presented the details stipulated in the Cabinet Decree No. (56) of 2018 concerning the organization of permanent residence permits for investors (Golden Card), entrepreneurs, specialized talents, and other categories included in the Decree and privileges granted to each category and the conditions to be fulfilled by the applicant in order to benefit from these privileges.
(with inputs from Wam)