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Federal Authority for Identity and Citizenship, Dubai FDI grant Golden Residency to Chinese investor

Staff Report/Dubai
Filed on September 14, 2020

(Supplied)

The Golden Residency initiative is aligned with the objectives of UAE Vision 2021 to achieve a knowledge economy based on flexibility, diversity, and innovation

The Dubai Investment Development Agency (Dubai FDI) recently hosted an event during which a Golden Residency was presented to Sun Jiansheng, chairman of Dubai-based Wenchao Group.

The move is in line with Dubai FDI's commitment to enhancing foreign direct investment (FDI) into Dubai and enabling investors to grow and expand their business across regional and global markets

Lieutenant Colonel Jasim Ahli, deputy assistant director for Customer Happiness Centres at the Federal Authority for Identity and Citizenship (ICA), handed over the Golden Residency visa to Jiansheng in the presence of Fahad Al Gergawi, CEO of Dubai FDI, in appreciation of his effective role in promoting economic growth in the country, and in accordance with the UAE Cabinet's decision to support investors and entrepreneurs.

Al Gergawi said: "Granting the Golden Residency to an investor in appreciation of his contribution to the country's economy is aimed at facilitating business, creating an attractive investment environment that encourages the growth and success of investors, businessmen and talent, as well as enhancing FDI flows into the country."

Al Gergawi added: "The Golden Residency underscores Dubai's competitiveness and its position as a preferred FDI destination. Despite the challenges posed by the Covid-19 pandemic, FDI inflows into Dubai continued in the first half of 2020, and brought in 190 projects with a net estimated investment of Dh12 billion. The projects cover varied industries, including vital sectors such as technology, e-commerce, and pharmaceuticals, according to data from our Dubai FDI Monitor. This confirms the confidence that investors continue to have in Dubai."

Dubai continues to retain its strategic advantages as a city of the future, a strategic gateway to the region's expanding markets and a major hub in the global economy.

The Golden Residency is offered to investors making public investments of Dh10 million or more through any of multiple eligible channels, provided the investment in sectors other than real estate is not less than 60 per cent of the total.

A five-year residency is granted to investors in UAE property with a value of Dh5 million or more. The property must be retained for at least three years.

Lieutenant Colonel Jasim Ahli said: "Collaboration between the various government departments is essential to our mission of working towards the happiness of citizens, residents, and investors. It highlights the readiness of our systems to welcome sustainable investment into the UAE and strengthens the UAE's position on the global economic map."

He added: "The UAE's wise leadership is the driving force behind sustainable economic and social development in the country, making it an attractive destination for those investing in the future. The Golden Residency is an important initiative in increasing investor confidence, fostering a sense of belonging and stability, and strengthening a culture of trust."

The Wenchao Group opened its first two supermarkets in Dubai in 2006 and 2010. It developed green farms in 2013 and established Wenchao Logistics in 2016.

Sun Jiansheng, chairman of Wenchao Group, said: "It is a great honour for a foreign investor like me to receive the Golden Residency."

business@khaleejtimes.com


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