17:26 GMT +319 January 2020
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    The chairman of the massive retail group, Lulu, is the first of over 6,000 stakeholders investing in the UAE who set to receive permanent residency in the Middle Eastern state under new initiative launched by the state's officials, The National reported.

    The United Arab Emirates has granted its first gold card, guaranteeing permanent residency in the wealthy state to Indian enterpreneur Yusuff Ali in Abu Dhabi. 

    The honorary document was provided to the tycoon by Executive Director of the General Directorate of Residency and Foreign Affairs, Brig Saeed Al Shamsi. 

    READ MORE: Dubai GDP Growth Slips to Slowest Since 2009 Amid Tepid Business Activity

    Commenting on the authorities' decision to select him as first recipient of the gold card, Ali said he was "totally humbled and at the same time feeling extremely proud at this very important day in my life".

    Yusuff Ali is one of the UAE's major investors. His Lulu Group International has an annual turnover of over $7 billion worldwide. The mogul owns shopping malls, hypermarkets, and real estate in over 20 countries. 

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    tycoon, visa, UAE, India
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