As UAE rejects ‘Golden Visas for ₹23.3L' claim, expert reminds ‘importance of due diligence'
The UAE's Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) on Wednesday dismissed reports that claimed that lifetime 'golden visas' for some nationalities could be obtained for all categories from outside the UAE via consulting or commercial entities under simplified conditions.
On Thursday, Dubai-based Rayad group 'apologised' for the 'public confusion' over the purported nomination-based resident initiative, which included references to a 'fixed AED 100,000 fee' and a so-called 'lifetime visa' arrangement.
'We apologise unreservedly for the public confusion caused by recent reports and commentary, and we take full responsibility for ensuring future communications are clear, accurate, and consistent with the UAE's stringent regulatory frameworks,' the Rayad Group said in a statement.
"These statements did not accurately reflect our intent, our scope of services, or the limitations of our authority in relation to the UAE Golden Visa programme. To reiterate with full clarity: no guaranteed visa, fixed-price programme, or lifetime UAE residency product currently exists, and the Rayad Group does not offer, support, participate in, or endorse any such arrangement.
'Due to the confusion caused, the Rayad Group is discontinuing private advisory services for Golden Visas,' it said.
'The recent false news surrounding the UAE Golden Visa is a stark reminder of the importance of due diligence in immigration matters,' Andri Boiko, Founder &CEO, Garant In, an international advisory firm of Citizenship and Residence Permit.
He further advised, 'Aspiring applicants must remain vigilant, verify all information through official sources, and avoid the temptation of shortcuts that are too good to be true.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
15 minutes ago
- News18
IPO Calendar This Week: 7 New Launches, Anthem Biosciences Among 3 Listings To Watch
Last Updated: This week, IPOs launching include Shanti Gold, Patel Chem, Brigade Hotel, Indiqube Spaces, GNG Electronics, Swastika Castal, and Monarch Surveyors. Upcoming IPOs This Week: The primary market is set to be abuzz once again this week with several new mainboards and SMEs lining up for a launch. From the depository, chemical to jewelry firm, multiple companies are gearing up to open the subscription window for their public issues. Moreover, some of them will look to list on the exchanges. Shanti Gold International Ltd. IPO Shanti Gold International Ltd., a Mumbai-based manufacturer of 22kt CZ gold jewelry, will open its IPO from July 25 to July 29, 2025, with a listing planned for August 1, 2025, on BSE and NSE. Led by Choice Capital Advisors, the IPO includes a fresh issue of 1.8 crore shares, though the issue price remains unannounced. The company reported a 107.8% profit surge to Rs 55.8 crore and a 55.5% revenue increase to Rs 1,106.4 crore in FY25. Funds raised will support the establishment of a new manufacturing facility in Jaipur, bolster working capital, and repay debt. Patel Chem Specialities Ltd. IPO Patel Chem Specialities Ltd., a producer of pharmaceutical excipients and specialty chemicals, will open its BSE SME IPO from July 25 to July 29, 2025, with a listing scheduled for August 1, 2025. The IPO, managed by Cumulative Capital, offers shares at Rs 82.00 to Rs 84.00, aiming to raise Rs 58.80 crore. This SME-focused offering targets investors interested in the niche but critical chemical and pharmaceutical supply chain sector. Brigade Hotel Ventures Ltd. IPO Brigade Hotel Ventures Ltd., which operates nine hotels with 1,604 keys across cities like Bengaluru, Chennai, Kochi, Mysuru, and GIFT City, will launch its IPO from July 24 to July 28, 2025, with a listing on July 31, 2025, on BSE and NSE. Managed by JM Financial and ICICI Securities, the IPO aims to raise Rs 759.60 crore through a fresh issue. Despite a 16% revenue growth in FY25, the company's profit after tax declined by 24%. The funds will be used for capital expenditure and debt repayment, strengthening its hospitality portfolio managed by global brands like Marriott, Accor, and InterContinental. Indiqube Spaces Ltd. IPO Indiqube Spaces Ltd., a provider of tech-driven co-working and office solutions across 115 centers in 15 cities, covering 8.4 million square feet, will open its IPO from July 23 to July 25, 2025, with a listing on July 30, 2025, on BSE and NSE. Managed by ICICI Securities, the IPO is priced at Rs 225.00 to Rs 237.00, targeting ₹700 crore, including a ₹650 crore fresh issue and a Rs 50 crore Offer for Sale. The Grey Market Premium of Rs 40–Rs 41 suggests expected returns of 16–17%, with a minimum retail investment of Rs 14,175 for 63 shares. GNG Electronics Ltd. IPO GNG Electronics Ltd., a global leader in refurbishing laptops and desktops with operations in India, the USA, Europe, Africa, and the UAE, will open its IPO from July 23 to July 25, 2025, with a listing on July 30, 2025, on BSE and NSE. Managed by Motilal Oswal, the IPO is priced at Rs 225.00 to Rs 237.00, aiming to raise Rs 460.43 crore, comprising a Rs 400 crore fresh issue and a Rs 60.43 crore Offer for Sale. The funds will primarily reduce debt of Rs 320 crore and support general corporate purposes, with a strong Grey Market Premium of Rs 72 indicating positive market sentiment. SME IPOs To Open This Week: Swastika Castal Ltd. IPO Swastika Castal's BSE SME IPO is also open from July 21 to July 23, at a fixed price of Rs 65 per share, aiming to raise Rs 14.07 crore. This BSE SME IPO opens on July 22 and closes on July 24, with a price band of Rs 237–250. The issue size is Rs 93.75 crore. India's first SM REIT offering, Property Share Investment Trust, opened on Monday, July 21, and will remain open till Friday, July 25. The REIT is priced in the range of Rs 10 lakh to Rs 10.6 lakh per unit, with a total issue size of Rs 473 crore, listing on the BSE. Savy Infra & Logistics Ltd. Opening on July 21, this NSE SME IPO offers shares in a price band of Rs 114–120, with a total issue size of Rs 69.98 crore. The issue closes on July 23. Three IPO Listings to Watch This Week The IPO market continues to stay active as three companies gear up to make their stock market debut this week. From biotech to consumer and textile-related sectors, investors will witness listings across both mainboard and SME platforms. Anthem Biosciences Ltd. IPO One of the biggest IPOs of the month, Anthem Biosciences will be listed on the bourses on Monday, July 21, 2025. The issue was priced at Rs 570 per share, and raised a massive Rs 3,395.79 crore. Backed by strong fundamentals and a solid reputation in the biotech and pharmaceutical industry, the company is set to debut on both BSE and NSE. Market participants are eagerly watching its performance, as it could signal renewed investor interest in large pharma listings. Spunweb Nonwoven Ltd. IPO Joining Anthem on the same day is Spunweb Nonwoven Ltd., which is listing on the NSE SME platform on July 21, 2025. Priced at Rs 96 per share, the IPO raised Rs 60.98 crore. The company is known for manufacturing nonwoven fabrics used in hygiene, automotive, and industrial applications. With rising demand in these sectors, Spunweb's listing is expected to draw attention from SME-focused investors. Monika Alcobev Ltd. IPO top videos View all Monika Alcobev Ltd., a liquor and beverage distribution company, concluded its IPO between July 16 and July 18. Though the exact listing date is yet to be confirmed, the company is expected to list on the BSE SME platform within the current week. The issue price was set at Rs 286, and the total IPO size stood at Rs 165.63 crore. This listing is being closely followed, especially by investors looking for exposure to the premium alcobev space. Disclaimer: The views and investment tips by experts in this report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions. About the Author Varun Yadav Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian More Stay updated with all the latest news on the Stock Market, including market trends, Sensex and Nifty updates, top gainers and losers, and expert analysis. Get real-time insights, financial reports, and investment strategies—only on News18. tags : Initial Public Offering IPO view comments Location : New Delhi, India, India First Published: July 20, 2025, 10:16 IST News business » markets IPO Calendar This Week: 7 New Launches, Anthem Biosciences Among 3 Listings To Watch Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
&w=3840&q=100)
Business Standard
33 minutes ago
- Business Standard
Savy Infra sets SME IPO price band at ₹114-120/share, issue to open Jul 21
Gandhinagar-based EPC player Savy Infra & Logistics on Sunday said it has fixed the price band at ₹114-120 per equity share for its ₹70 crore initial public offer, which will open for public subscription on July 21. The initial public offering (IPO) will conclude on July 23, and the company's shares will be listed on the NSE Emerge, Savy Infra & Logistics said in a statement. The IPO is entirely a fresh issue of up to 5.83 million equity shares. The net proceeds from the public issue worth ₹49 crore will be utilised for funding working capital requirements and a balance for general corporate purposes. "The capital raised will support our working capital needs and enable us to scale both the EPC and logistics divisions efficiently," Savy Infra & Logistics Chairman and MD Tilak Mundhra said. Savy Infra and Logistics is engaged in the business of engineering, procurement, and construction (EPC) and logistics, with a focus on infrastructure projects. The company also offers logistics services through an asset-light model by renting trucks and drivers. In FY25, the company reported revenue from operations of ₹283.39 crore and profit after tax of ₹23.88 crore. Unistone Capital is the sole book-running lead manager, and Maashitla Securities is the registrar for the IPO.
NDTV
an hour ago
- NDTV
Why A US Mayor Wants Thousands Of His Workers To Use ChatGPT
Before the mayor of San Jose, California, arrives at a ribbon-cutting ceremony for a new business, his aides ask ChatGPT to help draft some talking points. "Elected officials do a tremendous amount of public speaking," said Mayor Matt Mahan, whose recent itinerary has taken him from new restaurant and semiconductor startup openings to a festival of lowriding car culture. Other politicians might be skittish admitting a chatbot co-wrote their speech or that it helped draft a $5.6 billion budget for the new fiscal year, but Mahan is trying to lead by example, pushing a growing number of the nearly 7,000 government workers running Silicon Valley's biggest city to embrace artificial intelligence technology. Mahan said adopting AI tools will eliminate drudge work and help the city better serve its roughly 1 million residents. He's hardly the only public or private sector executive directing an AI-or-bust strategy, though in some cases, workers have found that the costly technology can add hassles or mistakes. "The idea is to try things, be really transparent, look for problems, flag them, share them across different government agencies, and then work with vendors and internal teams to problem solve," Mahan said in an interview. "It's always bumpy with new technologies." By next year, the city intends to have 1,000, or about 15%, of its workers trained to use AI tools for a variety of tasks, including pothole complaint response, bus routing and using vehicle-tracking surveillance cameras to solve crimes. One of San Jose's early adopters was Andrea Arjona Amador, who leads electric mobility programmes at the city's transportation department. She has already used ChatGPT to secure a $12 million grant for electric vehicle chargers. Arjona Amador set up a customised "AI agent" to review the correspondence she was receiving about various grant proposals and asked it to help organise the incoming information, including due dates. Then, she had it help draft the 20-page document. So far, San Jose has spent more than $35,000 to purchase 89 ChatGPT licenses - at $400 per account - for city workers to use. "The way it used to work, before I started using this, we spent a lot of evenings and weekends trying to get grants to the finish line," she said. The Trump administration later rescinded the funding, so she pitched a similar proposal to a regional funder not tied to the federal government. Arjona Amador, who learned Spanish and French before she learned English, also created another customised chatbot to edit the tone and language of her professional writings. With close relationships to some of the tech industry's biggest players, including San Francisco-based OpenAI and Mountain View-based Google, the mayors of the Bay Area's biggest cities are helping to promote the type of AI adoption that the tech industry is striving for, while also promising guidelines and standards to avoid the technology's harms. San Francisco Mayor Daniel Lurie announced a plan on July 14 to give nearly 30,000 city workers, including nurses and social workers, access to Microsoft's Copilot chatbot, which is based on the same technology that powers ChatGPT. San Francisco's plan says it comes with "robust privacy and bias safeguards, and clear guidelines to ensure technology enhances - not replaces - human judgment." San Jose has similar guidelines and hasn't yet reported any major mishaps with its pilot projects. Such problems have attracted attention elsewhere because of the technology's propensity to spew false information, known as hallucinations. ChatGPT's digital fingerprints were found on an error-filled document published in May by US Health Secretary Robert Kennedy Jr.'s "Make America Healthy Again" commission. In Fresno, California, a school official was forced to resign after saying she was too trusting of an AI chatbot that fabricated information in a document. While some government agencies have been secretive about when they turn to chatbots for help, Mahan is open about his ChatGPT-written background memos that he turns to when making speeches. "Historically, that would have taken hours of phone calls and reading, and you just never would have been able to get those insights," he said. "You can knock out these tasks at a similar or better level of quality in a lot less time." He added, however, that "you still need a human being in the loop. You can't just kind of press a couple of buttons and trust the output. You still have to do some independent verification. You have to have logic and common sense and ask questions." Earlier this year, when OpenAI introduced a new pilot product called Operator, it promised a new kind of tool that went beyond a chatbot's capabilities. Instead of just analysing documents and producing passages of text, it could also access a computer system and schedule calendars or perform tasks on a person's behalf. Developing and selling such "AI agents" is now a key focus for the tech industry. More than an hour's drive east of Silicon Valley, where the Bay Area merges into Central Valley farm country, Jamil Niazi, director of information technology at the city of Stockton, had big visions for what he could do with such an agent. Perhaps the parks and recreation department could let an AI agent help residents book a public park or swimming pool for a birthday party. Or residents could find out how crowded the pool was before packing their swim clothes. Six months later, however, after completing a proof-of-concept phase, the city didn't buy a full license for the technology due to the cost. The market research group Gartner recently predicted that over 40% of "agentic AI" projects will be canceled before the end of 2027, "due to escalating costs, unclear business value or inadequate risk controls." San Jose's mayor remains bullish about the potential for these AI tools to help workers "in the bowels of bureaucracy" to rapidly speed up their digital paperwork. "There's just an amazing amount of bureaucracy that large organizations have to have," Mahan said. "Whether it's finance, accounting, HR or grant writing, those are the kinds of roles where we think our employees can be 20 (to) 50% more productive - quickly."
