Sharjah, Jul 9 (IANS): Sharjahs first Golden Card visa was issued to an Indian expat businessman, as part of the permanent residency system tailored for investors.

The visa was issued to Lalu Samuel, Chairman and Managing Director of Kingston Holdings and Chairman of Sharjah Industry Business Group, which functions under the Sharjah Chamber of Commerce and Industry, on Monday, reports WAM news agency.

The Golden Card is a 10-year long-term visa eligible for investors and entrepreneurs and aims to attract capital, investments, and owners of leading companies with international experts as well as professionals in all vital sectors of the national economy, researchers in scientific fields and outstanding students, so as to engage them in the renaissance and development of the UAE.

The card-holders are entitled to a host of privileges and facilities including a residency visa without a sponsor to them and their families (spouse and children).

They can also sponsor up to three workers and obtain a residency visa for one of his/her senior employees.

Samuel thanked Sharjah's Directorate of Residency and Foreigners Affairs for its initiative, stressing its importance in supporting the United Arab Emirates' (UAE) investment sector, ensure family stability, and highlight the importance of cultural diversity, tolerance and acceptance of others within the UAE community.