An Ajman businessman is the first in the emirate to receive a golden card visa in a UAE-wide drive to honour the country’s most talented residents.
Siddique Pallolathil, director of Nesto Group, a leading retailer with scores of hypermarkets across the UAE and the rest of the Gulf region, has been selected as the latest recipient of the long-term residency initiative rolled out by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, in May.
Mr Pallolathil, from Calicut, India, was presented with his golden card by Brigadier Mohamed Abdullah Alwan, executive director of the General Directorate for Residency and Foreign Affairs, at a ceremony in Ajman.
On Tuesday, it was announced that Indian businessman Lalu Samuel was the first to receive the visa in Sharjah.
The golden card – a residency visa which is renewed every 10 years if certain criteria are met – has already been given to some of the country’s most influential executives since its launch.
The golden card affords a host of privileges, including residency visas for holders, their spouses and children, as well as the opportunity to sponsor up to three employees.
Thousands of foreign investors and residents have been identified as beneficiaries of the golden card permanent residency scheme.
Those to receive the visa include Yusuff Ali, the Lulu Group chairman; Mohammed Rahman, chairman and managing director of Al Haramain Group, and Shamsheer Vayalil, chairman and managing director of VPS Healthcare.
Sheikh Mohammed said the current investments of the 6,800 selected investors and residents were worth an estimated Dh100 billion.
The permanent visa aims to generate foreign investment, encourage entrepreneurship and attract top engineers, scientists and students.
Brigadier Alwan said the residency scheme would hep cement the country’s position as an investment hub and give security to residents across business as well as in medical, scientific and engineering fields.
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UAE's first golden card visa holders - in pictures
