UAE-based businessman, LuLu Group chairman M.A. Yusuffali has become the first expat to get the exclusive Permanent Residency ‘Golden Card’, ICA reported on Monday.
The Keralite tycoon is worth $4.7 billion – ranked the richest expat in UAE according to Forbes magazine’s 2019 list of billionaires.
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.
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.