LuLu Group chairman is UAE’s first permanent expat resident

DUBAI

: Abu Dhabi-based Indian retail tycoon

M A Yusuff Ali

has become the first expat to get the UAE’s first gold card permanent residency.


Unlike the long-term visa of 5-10 years for businessmen and talented individuals, the gold card gives permanent residency of the UAE to the holder.

The

LuLu Group

chairman, who was ranked the richest expat in UAE by the

Forbes

magazine, becomes the first of 6,800 investors with total investment exceeding $27 billion to receive the gold card under a scheme announced last month by Sheikh

Mohammed bin Rashid Al Maktoum

, the ruler of Dubai, the Khaleej Times reported.

With more than 170 hypermarkets and shopping malls, the LuLu Group employs more than 50,000 people comprising 42 nationalities.

The new initiative which aims at generating foreign investment and attracting top engineers, scientists and star students — has identified 6,800 qualified expats from over 70 countries in the first phase.

Commenting on the honour, the Keralite billionaire said, “(It is) A very proud and emotional moment in my life...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 and business global hubs as well as attract and retain new investors here.”