Malayali retail tycoon MA Yusuff Ali became the first Indian to receive Saudi Arabia’s premium residency, claimed a statement from his office on Monday, March 2. The 64-year-old Yusuff Ali is the chairman of the LuLu Group, who was named the richest expat in the United Arab Emirates (UAE) by the Forbes magazine in 2019.
Saudi’s Green Card gives expats the right to live, work and own business and property in Saudi Arabia without a sponsor. The decision to give Saudi’s Premium Residency was taken in the light of Crown Prince Mohammed bin Salman’s 2030 vision for Saudi Arabia’s economic reform and booster plan.
Sharing the news, Yusuff Ali said that it’s obviously a very proud and humbling moment for him. He called the Saudi prince’s decision a great honor for the entire Indian expat community and thanked the Saudi Home Minister, King Salman, the Crown Prince Mohamed bin Salman and the government of Saudi Arabia.
The Premium Residency congratulated Yusuff Ali for getting the green card and quoted his statement in a tweet stating the Kingdom has become an attractive investment destination due to the remarkable growth in the economy.
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
Yusuff Ali added he is sure that this new permanent residency initiative would boost Saudi Arabia’s image and economy and present the kingdom as one of the key investments and business hubs. It will attract new investors which may boost Saudi Arabia’s economy.