Saudi Arabia has launched new residency programs intending to attract skilled professionals and investment to the country.
The move is part of the Gulf nation’s efforts to pivot its economy away from fossil fuels and towards other industries.
The new programs are intended to encourage knowledge transfer, create employment opportunities, and foster economic growth.
Five premium programs have been introduced, which cater specifically to professionals in healthcare, sports, real estate, and other sectors.
Holders of these programs will be able to settle in Saudi Arabia, conduct business, purchase real estate, and obtain work permits for themselves and their families.
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These initiatives are part of Crown Prince Mohammed bin Salman’s Vision 2030 economic transformation plan, which aims to reduce Saudi Arabia’s dependence on oil and attract foreign direct investment.
The country is seeking to diversify its economy and establish itself as a regional hub for trade and business.
Saudi Arabia’s efforts come amid growing competition from neighbouring United Arab Emirates (UAE), which has recently introduced incentives such as the ‘golden visa’ system.
Dubai, in particular, has launched a ‘family wealth centre’ to help affluent individuals and businesses navigate cultural issues and governance.
As such, Saudi Arabia’s new residency programs are seen as a key tool in its efforts to remain competitive in the region.
