Tuesday, November 26, 2024
1,238 Foreign Investors get Saudi Premium Residency in less than a year
A total of 1,238 foreign investors have been granted premium residency in Saudi Arabia in the less than one year since its introduction, according to Saudi Minister of Investment Khalid Al-Falih. Trending : Former Saudi Expats to be allowed to invest in Saudi Arabia
Those who have received premium residence are treated as though they are in their home countries, according to the minister, who confirmed this while speaking at Monday's World Investment Conference in Riyadh. At this year's conference, some 2,500 investors from 30 different nations will be present.
Al-Falih stated that investment flows have now tripled compared to the period before the announcement of Saudi Vision 2030, referring to the investment climate and its advancement after the launch of Vision. "During the same period, the rate of gross domestic product (GDP) recorded an increase of 70 percent, reaching $1.1 trillion," he added, adding that half of this growth came from sectors other than oil.
Al-Falih, in his conference speech, highlighted four aspects of the worldwide investment movement that, in his opinion, could change the world as we know it.
The minister highlighted the following: the necessity to reevaluate supply chain operations to be less centralized, the impact of demographics due to the rate of population growth, the significance of investments in sustainability and the shift to a green economy, the fast technological transformation that depends on investments in digital infrastructure to improve the Fourth Industrial Revolution and AI applications and last but not least, the necessity to invest in sustainability. Recommend : Riyadh Metro to start its partial operations from Tomorrow
Particularly, in January 2024, Saudi Arabia revised its Expatriate Residency Law, granting certain categories of investors and talents premium residency with ten benefits.
These include, among other things, the ability to travel visa-free, own real estate and run a business without a sponsor, and premium residency for family members.
There was more flexibility in leaving and returning to the Kingdom of Saudi Arabia, faster service transfers between businesses without costs, and the ability to host family were all advantages.
It opens the door for foreign nationals who can sponsor themselves to get a residence permit, which can be renewable for up to a year or for as long as the applicant wants it. As long as they satisfy all the rules and conditions, anyone of any nationality can apply for the new premium residency products. Subscribe to Saudi Expatriates on YouTube
1,238 Foreign Investors get Saudi Premium Residency in less than a year
