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LuLu Group chairman M.A. Yusuffali has become the first expat to get the Permanent Residency 'Golden Card' in UAE




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'.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.The new initiative had identified the first 6,800 qualified expats from over 70 countries.



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