Indian retail tycoon receives Saudi Green Card

[Spartan]

Abu Dhabi-based Indian retail tycoon M A Yusuff Ali has become the first Indian to receive Saudi Arabia's premium residency, his office said in a statement on Monday.

Yusuff Ali, 64, is the chairman of the LuLu Group, who was ranked the richest expat in the UAE by the Forbes magazine last year.

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

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

Yusuff Ali said "obviously a very proud and humbling moment in my life. This is a great honour not only for me but for the entire Indian expat community and I sincerely thank the HM the King Salman, HRH Crown Prince Mohamed bin Salman and the government of Saudi Arabia."

"@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," Premium Residency tweeted on Monday.

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

 

Yusuff Ali @Yusuffali_MA , an investor from India, after obtaining Premium Residency in Saudi Arabia: “The Kingdom… https://t.co/CCPsJxjrz1

— الإقامة المميزة| Premium Residency (@SaudiPRCen) 1583147427000

 

This initiative is targeting key investors and prominent personalities from various fields, including sports, arts & culture, who have played a defining role in the nation building process.

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

[BUDDY]

i guessed who it could have been by just reading the title lol ... he was always operating from UAE and been trying for a saudi citizenship since a long time...

[sboyr2r]

3 minutes ago, BUDDY said:

i guessed who it could have been by just reading the title lol ... he was always operating from UAE and been trying for a saudi citizenship since a long time...

what difference it makes having saudi citizenship or not ? 

[BUDDY]

he's on an aggressive expansion plan , no wonder saudi bent the rules to give him a citizenship ... he's also building one of the largest malls in india in hyderabad , tied up with aurabindo for this mega project.....

he was supposed to build a similar mall in vizag , but backed out recently saying he wouldnt do it as long as jaggu is in power lol....

[Spartan]

1 minute ago, sboyr2r said:

what difference it makes having saudi citizenship or not ? 

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

[BUDDY]

Just now, sboyr2r said:

what difference it makes having saudi citizenship or not ? 

it doesnt make a difference to us , but he's been trying for it since long for whatever his reasons are...

[sboyr2r]

2 minutes ago, BUDDY said:

he's on an aggressive expansion plan , no wonder saudi bent the rules to give him a citizenship ... he's also building one of the largest mall's in india in hyderabad , tied up with aurabindo for this mega project.....

he was supposed to build a similar mall in vizag , but backed out recently saying he wouldnt do it as long as jaggu is in power lol....

Is jagan tax is for real ?? in AP ?? 

[WigsandThighs]

16 minutes ago, sboyr2r said:

Is jagan tax is for real ?? in AP ?? 

Yes 

[Catabolite]

37 minutes ago, sboyr2r said:

Is jagan tax is for real ?? in AP ?? 

 

20 minutes ago, WigsandThighs said:

Yes 

@Arey_enti_ra_idi

[WigsandThighs]

2 minutes ago, Catabolite said:

 

@Arey_enti_ra_idi

J-Tax