Saturday, January 16, 2021

Indian tycoon becomes first Indian to receive premium ‘Green Card’ in Saudi Arabia

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Indian tycoon becomes first Indian to receive premium ‘Green Card’ in Saudi Arabia

An Indian retail tycoon based in Abu Dhabi has become the first Indian to receive premium residency in Saudi Arabia.

Yusuff Ali was ranked as the richest expat in the United Arab Emirates by Forbes Magazine in 2019. He has now received premium residency, informally called the Saudi Green Card, that allows him the right to live, work, and own business and property in the Kingdom without requiring a sponsor.

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This ‘Premium Residency’ is part of Saudi Arabia’s Vision 2030 that was announced by Crown Prince Mohammed bin Salman. It looks to target key investors and personalities in fields like sports and arts who have played a definitive role in building the nation.

In 2019, 73 foreigners of various citizenships were granted this ‘premium residency’ by Saudi Arabia.

“This is a great honour not only for me but for the entire Indian expat community and I sincerely thank His Majesty the King Salman, His Royal Highness Prince Mohammed bin Salman, and the government of Saudi Arabia,” said the 65-year-old tycoon.

He is chairman of the LuLu Group that owns and operates more than 35 hypermarkets and supermarks across Saudi Arabia

READ ALSO: Mukesh Ambani 9th richest in the world: Forbes

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