The UAE has granted the first permanent residency (aka Gold Card), to the richest expat in the country, Yusuff Ali Musaliam Veettil Abdul Kader.
M.A. Yusuff Ali, Chairman and Managing Director of LuLu Group International, is an Indian billionaire, ranked #1 in Forbes’ “Top 100 Indian Business Owners In The Arab World 2018” list, and the 24th richest Indian in the world with a net worth of $4.5 billion.
He resides in Abu Dhabi, and opened his first LuLu hypermarket in the 1990s at the height of the Gulf War and a time when the UAE retail market was changing in a way where hypermarkets we’re taking the place of traditional neighborhood stores
Commenting on the award, the Indian tycoon said:
“Obviously a very proud and emotional moment in my life. UAE has been my home for more than 45 years now. Whatever I am today is thanks to this great country, which has given me more than what I can dream of.
To be the first one to receive this great honour is truly a very humbling experience, and I sincerely thank the visionary rulers of this great country. It is their far-sighted vision which has made UAE, one of the most safe, secure, tolerant and developed nations in the world.
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 & business global hubs as well as attract and retain new investors here.
I see this as an honour not only for me but for the entire expat community from more than 200 countries residing here, for whom UAE has been almost like a second home.”