ABU DHABI: The Federal Authority for Identity and Citizenship UAE, on Monday announced it had issued its first gold residence card-permanent residency (PR) to diaspora businessman M.A. Yusuf Ali, Chairman and Managing Director of Lulu Group.
Ali, who hails from Thrissur in Kerala, was handed the gold card in Abu Dhabi by Brigadier Saeed Salem Al Shamsi, executive director of the General Directorate of Residency and Foreign Affairs, as he became the first of 6,800 investors to receive the permanent residency.
The 63-year-old business tycoon, who known for his philanthropy and is on the Forbes billionaire list with a net worth of $4.7 billion (Dh17.26bn) feels proud and humbled after receiving the UAE’s first golden card.
“I am totally humbled and at the same time feeling extremely proud at this very important day in my life,” said Mr Ali.
“It is their far-sighted vision that has made UAE one of the most safe, secure, tolerant and developed nations in the world,” said Ali adding “I am sure this new golden card permanent residency aimed at key investors who have played defining roles in the nation-building process will further boost the UAE’s image as one of key investment and business global hubs, as well as attract and retain new investors here.”
The first beneficiaries are investors with total investments exceeding Dh100 billion announced last month by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
Unlike the long-term visa of five to ten years for businessmen and talented individuals, the Gold Card gives PR to the holder.
Arrived in the UAE as a teenager to help with his uncle’s small distribution business, Ali has been based in the UAE for more than 45 years, is considered as one of the biggest business leaders in the Middle East region with his retail and hospitality empire spread across the world, with more than 170 hypermarkets and shopping malls, hospitality and real estate.
Based in Abu Dhabi, Lulu Group International employs more than 50,000 people comprising 42 nationalities and has an annual turnover of $7.4bn with businesses in 22 countries.
With IANS inputs