Yusuff Ali among 22 businessmen granted long-term residence visa in Oman
Dubai: The government of Oman has granted a long-term residence visa to NRI businessman Yusuffali MA and 21 other prominent investors from different countries as part of its efforts to enhance investment quality, job creation and offering foreign investors the right to long-term stay in the Gulf nation.
Yusuffali, Chairman and Managing Director of Abu Dhabi-based Lulu Group International, was among those who were accorded the long-term residence visa by Qais bin Mohammed Al Yousaf, Oman's Minister of Commerce, Industry, and Investment Promotion (MOCIIP) at the launch event held in Muscat on Wednesday. Aimed at enhancing the investment quality in Oman and creating more job opportunities, the “Investor Residence” programme offers foreign investors the right to long term stay in the Sultanate of Oman.
"This programme will enhance the quality of investments, contribute to the growth of the GDP, create more job opportunities and support the national economy in line with the capabilities and objectives of the “Oman 2040” vision," said Khalid bin Saeed Al Shuaibi, Advisor to the Minister of Commerce, Industry and Investment Promotion.
"Honoured and humbled...this is a great honour and I sincerely thank His Majesty Haitham Bin Tariq Al-Said, Sultan of Oman and the Government of Oman,” Yusuffali, the Kerala-born business magnate said.
“As one of the leading retailers in the Sultanate of Oman, we have no doubt that this long-term-residency scheme which is in line with Oman Vision 2040 will boost the economy and create more employment opportunities in this country. We are also sure that this visionary step will attract more international investors and will develop new opportunities to attract foreign investments,” the 65-year-old was quoted as saying in a press release by the Lulu Group.
Yusuffali, who is also the second Vice-Chairman of Abu Dhabi Chamber of Commerce and Industry, was earlier awarded UAE's Golden Visa, Saudi Arabia's Premium Residency Permit, for his contribution to the emirate nation's trade and commerce, and for extending support to numerous philanthropic initiatives.
Ali's Lulu Group International has 215 Hypermarkets in the Gulf Cooperation Council countries, Egypt, Indonesia and Malaysia, out of which 27 are in Oman.