Indian retail tycoon M A Yusuff Ali, the chairman of the LuLu Group, has become the first Indian to receive Saudi Arabia’s premium residency. Ranked the richest expat in the UAE by the Forbes magazine last year, the Abu Dhabi-based tycoon stated, “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.”
The authorization, grants expatriates the right to live, work and own business and property in the Kingdom without need for a sponsor. Premium Residency is a part of Saudi Arabia’s Vision 2030 reform plan, announced by Crown Prince Mohammed bin Salman to boost the Saudi economy.
The Lulu Group owns and operates over 35 hypermarkets and supermarkets in Saudi Arabia.
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