Dubai-based Indian businessman Firoz Merchant, the founder and chairman of Pure Gold Group, has received permanent residency in the UAE.
Merchant said the 10-year auto-renewable permanent residency was given to him and his immediate family.
“The permanent residential permit will boost more confidence and loyalty in the investors residing outside and within UAE,” Merchant said.
“According to me, residential permit is a lifetime permit for residents who obey the law, work with ethics and loyalty and add value to the country. UAE is the university of the universe… It provides world class safety, security, education, great health care facilities and a better life to its residents to live a valuable life,” he added.
The UAE launched the permanent residency scheme for expatriates in May.
The move will see permanent residency granted to “exceptional” professionals, Sheikh Mohammed bin Rashid Al Maktoum, the country’s Vice President and Prime Minister and Ruler of Dubai said at the time.
“We launched a new “Golden Card” system to grant permanent residency to investors and exceptional doctors, engineers, scientists and artists,” Sheikh Mohammed said.
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.
The UAE also 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.