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Indian retail tycoon receives Saudi green card


DUBAI: Abu Dhabi-based Indian retail mogul M A Yusuff Ali has become the first Indian to receive Saudi Arabia’s premium residence, his office said in a statement on Monday.

Yusuff Ali, 64, is the president of the LuLu Group, who was rated the richest expatriate in the UAE by Forbes magazine last year.

The permit, informally known as the Saudi Arabia Green Card, gives expatriates the right to live, work and own businesses and property in the Kingdom without the need for a sponsor, the LULU group said in a statement.

The introduction of the Premium Residence comes as part of the Vision 2030 reform plan of Saudi Arabia, which was announced by Crown Prince Mohammed bin Salman to boost the Saudi economy, according to the statement.

Yusuff Ali said “obviously a very proud and humiliating moment in my life. This is a great honor not only for me but for the entire Indian expatriate community and I sincerely thank HM King Salman, His Royal Highness Crown Prince Mohamed bin Salman and the government of Saudi Arabia. ”

“@Yusuffali_MA, an investor from India, after obtaining the Premium Residence in Saudi Arabia: ‘The Kingdom became an attractive investment destination due to the remarkable growth of the economy,” Premium Residency tweeted on Monday.

Yusuff Ali said he was sure that this new permanent residency initiative will further boost the image of Saudi Arabia as one of the key investment and business centers in the region, as well as attract and retain new investors here.

This initiative is aimed at key investors and prominent personalities from various fields, including sports, arts and culture, who have played a decisive role in the nation-building process.

The Lulu Group owns and operates more than 35 hypermarkets and supermarkets in Saudi Arabia, which includes ARAMCO curators and National Guard super stores.

Original source