The chairman of the Lulu Group has become the first recipient of Bahrain’s new golden visa for foreign nationals.
UAE-based Yusuff Ali was handed the visa in a ceremony attended by Bahrain's King Hamad and Crown Prince and Prime Minister Salman bin Hamad.
The visa is part of a plan to attract talent and boost the economy.
“Obviously, it is a very proud and humbling moment in my life to receive this honour,” Mr Ali said.
He thanked King Hamad, Prince Salman and the government of Bahrain.
“I am sure this new permanent residency initiative will further boost Bahrain's image as one of the key investment and business hubs of the region as well as attract and retain new investors here," he said.
Mr Ali, 66, was presented with his golden visa at a ceremony at Riffa Palace.
Lulu, based in Abu Dhabi, is a major employer in the Gulf with more than 50,000 staff.
In April 2021, Mr Ali his wife, two pilots and two other passengers survived an emergency landing in the helicopter they were travelling in during bad weather in Kerala, India.
He spent time recovering after the accident.
Under previous rules, Bahrain residents could only get a renewable visa tied to their employment status.
A golden visa allows them to extend the visa for an indefinite period and provide a residence permit for close family members.
To qualify, a person must have lived in Bahrain for at least 5 years and earn an average salary of at least 2,000 Bahraini dinars ($5,306) a month.
Similar to the UAE’s golden visa programme, retirees, talented people who fit certain criteria and those who own real estate above a certain value can also apply.
There are 11 Lulu stores across Bahrain, and the kingdom has big plans for expansion which include a metro network and national exhibition centre.
Bahrain’s population is also set to expand, with five cities planned on newly constructed islands that will increase the kingdom's land area by more than 60 per cent.
At 183 square kilometres, Fasht Al Jarim is the largest and will become a hub for housing, tourism and logistics.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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Global state-owned investor ranking by size
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United States |
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China |
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UAE |
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4. |
Japan |
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5 |
Norway |
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Canada |
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Singapore |
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Australia |
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Saudi Arabia |
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South Korea |
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Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
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Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
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2015 Semi-finalist
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2017 Did not play
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