M A Yusuff Ali who is an Abu Dhabi- based Indian retail tycoon is said to be the first Indian to receive the premium residency of Saudi Arabia, as said by his office in a statement on Monday.
The Abu Dhabi- based Indian retail tycoon Yusuff Ali who is 64 years- old and the chairman of the LuLu Group has been ranked as the richest expat in the United Arab Emirates by the Forbes magazine in the previous year.
The permit, which is informally known as the Saudi Green Card which grants the expatriates the right to live, work and also to own a business and a property in the Kingdom with no need of a sponsor, as said in a statement by the LuLu Group.
It has been said that the introduction of the Premium Residency comes as a part of the Vision 2030 reform plan of Saudi Arabia which was announced by the Crown Prince Mohammed bin Salman which was to boost the economy of Saudi, as said in the statement.
M A Yusuff Ali has said that he has been feeling very proud and it tends to be a great honour for not just him but for the community of the Indian expats. He thanked the government of Saudi Arabia, the HM the Kind Salman and the HRH Crown Prince Mohamed bin Salman.
The Premium Residency has also tweeted on Monday mentioning the investor from India obtaining the Premium Residency in Saudi Arabia.
Yusuff Ali @Yusuffali_MA , an investor from India, after obtaining Premium Residency in Saudi Arabia:
“The Kingdom became an attractive investment destination due to the remarkable growth in economy” pic.twitter.com/wqch8YCE93— الإقامة المميزة| Premium Residency (@SaudiPRCen) March 2, 2020
It has been said by M A Yusuff Ali that he has been sure that the new permanent residency that he has obtained would further boost up the image of Saudi QArabia as one of the key investments and the business hubs of the region and that it would also attract and would retain new investors in Saudi Arabia.
It has been noted that the initiative that has been made regarding the Premium Residency is said to target the key investors and the prominent personalities from several different fields which includes sports, arts and culture who have played a defining role in process of building the nation.
The LuLu Group is said to own and operate more than 35 hypermarkets and also supermarkets in Saudi Arabia which is said to include ARAMCO Commissaries and the National Guards super stores.
