Leading Indian businessman Dr Ram Buxani, chairman of ITL Cosmos Group has been granted by the UAE authorities a 10-year long term Visa, joining a small but growing band of others from the Indian community who have also received the new-style Visas.
His estimated personal net worth stands at more than $81m while the company he owns, ITL, is estimated to be worth $250m.
In an interview with Gulf News, Buxani recalled how his first job in Dubai was for a salary of INR 125 per month in 1959, said: “I am honoured and feel immense gratitude for this. The good news is coming to other investors who have put their faith in the UAE and its government. Dubai is home to me and my family. We have seen the city grow. We are fortunate to receive this long-term residency”, he said.
Another initiative, the so-called gold card, a permanent residency scheme saw the Federal Authority for Identity and Citizenship issue its first gold card on 2 June to business leader M.A. Yousuf Ali, chairman and managing director of LuLu Group.
Prior to this Danube chairman Rizwan Sajan also received his 10-year-long-term visa while others to get Visas too include businessmen Vasu Shroff, chairman of Regal Group of companies and Khushi Khatwani, managing director, Khushi Group of companies and Al Nisr Cinema Film.
