Yusuff Ali, the LuLu Group chairman, becomes the first of 6,800 investors with total investment exceeding $27 billion to receive the gold card, Live Mint reported.

Yusuf Ali, 63, lived in the UAE for over 45 years. His fortune is estimated at 4.7 billion dollars.

Last month, the UAE introduced a golden card, which gives foreign investors and valuable specialists the right to reside permanently in the country.

The UAE Cabinet for the first time in March authorized the issuance of five- and ten-year resident visas to certain categories of foreign citizens as earlier, the maximum term for resident visas for foreigners was three years. The application for a long-term visa was allowed to be submitted to investors, entrepreneurs, scientists, highly qualified specialists and talented students.