Sun and Sands Developers' Rajan, Sailesh Israni get UAE's 10-year visa
Father-son duo's real estate company is 'one of the youngest' entities to have received the long-term visa
Sun and Sands Developers' Indian-born founder Rajan Israni and his son Sailesh Israni were, along with their families, awarded the UAE's 10-year residency visa, which is said to have made the firm “one of the youngest” entities to receive the accolade.
Founded 13 years ago, the company follows the invest-build-manage model, and the Israni Jr said the receipt of his 10-year visa was "a reward" for Sun and Sands Developers' "hard work".
Commenting on the company's operations, Sailesh said: "Contrary to a typical developer, we do not exit the project after completion.
"Instead, we choose to invest in the property, which paves the way for higher investor confidence."
The company retains 25% of each project that it completes, which Sailesh said would also encourage investors in turn.
Sun and Sands Developers' portfolio includes Sunshine Residence in Dubai Silicon Oasis, and the firm is also building the Suncity Homes, which are due for completion by the end of 2020.
Remarking on the visa in a press statement, Sailesh added: “This is the UAE’s way of making you part of the success story.
“It doesn’t matter how long you’ve stayed; what matters most is your contribution. The government has created a level playing field and rewards the ones who are true to their work.”