UAE’s Federal Authority for Identity and Citizenship (ICA) has granted the first Golden Residence Permit in Abu Dhabi, as an element of the Investors Permanent Residence System aimed to attract investors, entrepreneurs and qualified individuals who meet its criteria.
Brigadier Saeed Salem Al Shamsi, Executive Director of the General Directorate of Residency and Foreigners Affairs in Abu Dhabi, awarded the first permit to investor Yousuf Ali, Board Member of the Abu Dhabi Chamber of Commerce and Industry, ADCCI, and Chairman of the Lulu International Group, during a ceremony that also honoured him for his role in promoting economic growth in the country. The Abu Dhabi-based Keralite tycoon is worth 4.7 billion dollars and has been ranked the richest expat in UAE based on Forbes magazine’s 2019 list of billionaires. A pleased Yousuf Ali declared that it had been a really proud and emotional moment in his life. He has been in UAE fo a lot more than 45 years.
He claimed, it was an honour not just for him however for the whole expat community, particularly those from India who have been living in UAE for several years and for whom UAE has been a second home.
The UAE government had declared that the first batch of 6,800 investors with 100 billion Dirhams worth of investments in the country is going to be issued the Golden Card.
The UAE Cabinet has accepted the long lasting visa system for expatriates announced by the country previously this year, while also confirming the criteria which need to be met.
AIR correspondent reports that the recently released Permanent Residency system in UAE saw its very first beneficiary. Indian billionaire M. A, Yousouf Ali was given the Golden card under the Scheme in UAE on Monday.
The programme is an outreach initiative for investors and business leaders of foreign origin. The UAE government last month had declared that the first batch of 6,800 investors with 100 billion Dirhams worth of investments in the country is going to be granted the “Golden Card.
” Under this scheme exceptional doctors, engineers, scientists and artists can also be considered, Sheikh Mohammed bin Rashid Al Maktoum, the country’s Vice President and Prime Minister and Ruler of Dubai had claimed during the launch of the scheme. UAE that is home to expats of over 180 countries until now had a system of renewing visas for its expats every two years.
The UAE has also started five and 10-year residency visas to investors, entrepreneurs, specialists in the medical, scientific, research and also technical fields, and ‘outstanding’ students to “facilitate business and create an attractive and encouraging investment environment” in the country.