Dubai, Jun 12 (PTI) A leading Dubai-based Indian businessman has said the UAE government's move to introduce 100 per cent ownership and permanent residency initiative for expats will further strengthen the economic relations between India and the Emirates.
Welcoming the initiative, Firoz Merchant, chairman of Pure Gold Group said, "I am grateful and very much thankful to the government of the United Arab Emirates for introducing the 100 per cent ownership and lifetime Permanent Residency initiative."
Following the initiative, Merchant, who moved to the UAW 30 years ago, received 100 per cent ownership of the business (without any local sponsor) in the UAE. Thereafter, he and his entire family received the lifetime permanent residency permit.
The initiative, Merchant said, will further strengthen the growing economic relations between India and the UAE.
"The initiative will open doors to entrepreneurs, investors and outstanding professionals in various fields like science, technology, finance, law, education, medicine, innovation, architecture and many more," he said in a statement on Tuesday.
Earlier this month, Abu Dhabi-based Indian retail tycoon M A Yusuff Ali became the first expat to get the UAE's first gold card permanent residency.
The LuLu Group chairman, who was ranked the richest expat in UAE by the Forbes magazine, was the first of 6,800 investors with total investment exceeding USD 27 billion to receive the gold card.
Commenting on the honour, the Keralite billionaire had said, "(It is) A very proud and emotional moment in my life...I am sure this new Gold Card permanent residency scheme aimed at key investors, who have played a defining role in the nation building process, will further boost UAE's image as one of key investment and business global hubs as well as attract and retain new investors here." PTI SCY SCY