Indian businessman BR Shetty, the founder and chairman of NMC Healthcare, has received a 10-year residency visa.
The billionaire, who has also chairs Finablr and BRS Ventures, received the long-term residency visa at the General Directorate of Residency and Foreigners Affairs in Abu Dhabi on Tuesday.
Shetty applauded the UAE government’s initiative, saying it will encourage more investment into the country.
The UAE announced last year that it would grant five or 10-year residency visas to investors, entrepreneurs, specialists in the medical, scientific, research and technical fields, and ‘outstanding’ students to “facilitate business and create an attractive and encouraging investment environment” in the country.
Several prominent Indian businessmen have received 10-year residency visas in the UAE, including Dr Azad Moopen, founder chairman and managing director of Aster DM Healthcare, Danube Group founder and chairman Rizwan Sajan, Vasudev Shroff, chairman of the Regal Group, and Khushi Khatwani, head of the Khushi Group of Companies.
The UAE also launched a ‘gold card’ permanent residency scheme for expatriates in May.
The move will see permanent residency granted to investors and “exceptional” professionals, Sheikh Mohammed bin Rashid Al Maktoum, the country’s Vice President and Prime Minister and Ruler of Dubai said at the time.
The first batch of 6,800 recipients includes expats who have made total investments of over Dhs100bn.
Indian businessman M.A Yussufali, the chairman and director Lulu Group, became the first expat in the UAE to receive the gold card permanent residency earlier this month.