Manama: The Bahrain government on Sunday granted golden residency visa to United Arab Emirates (UAE) based-Indian billionaire— LuLu group chairman and vice-chairman of the Abu Dhabi chamber M. A. Yusuff Ali.
Ali, who has been residing in the UAE for over 45 years, is by far considered to be one of the biggest business leaders in the Gulf region with his retail and hospitality empire spread across the world.
With more than 170 hypermarkets and shopping malls, the Lulu Group employs more than 50,000 people comprising 42 nationalities.
“Obviously a very proud and humbling moment in my life to receive this honour today. I sincerely thank HM King Hamad bin Eisa Al Khalifa, HRH Salman bin Hamad Al-Khalifa, Crown Prince and Prime Minister of Bahrain and the Government of Bahrain,” Yusuff Ali said, after receiving his golden visa number 001.
About Bahrain golden visa
On Monday, February 7, Bahrain launched a new golden residency visa programme for residents and non-residents, as well as their families.
The golden residence visa for Bahrain is part of the economic recovery plan for the country and was approved after a memorandum submitted by the Minister of Interior.
The visa will provide its holder the right to work in Bahrain, residency benefits for a spouse and other close family members and unlimited entry and exit to the country.
To qualify for the visa, the applicant must have resided in Bahrain for five years and must earn an average salary of at least 2,000 Bahraini dinars ($5,306) per month.
Residents and non-residents who own property worth 200,000 dinars or more, retirees with an income of 4,000 dinars and highly talented individuals are also eligible for the visa.
The visa will be renewed every 10 years if the holder meets the eligibility requirements.
Bahrain follows similar steps by other Gulf countries that have offered permanent residency through various visas.
The UAE unveiled its golden visa scheme in 2019 in a bid to attract skilled workers while allowing talented professionals to stay long-term within the country.
Saudi Arabia has granted citizenship to an unspecified number of expatriates whose expertise could help the country diversify away from oil.