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Saudi Arabia has launched five new visas to attract skilled professionals and investors as the Arab world’s largest economy seeks to strengthen its position as a global business center.
Majid bin al-Qasabi, Chairman of the Board of Directors of Saudi Premium Residency Centers, said on Wednesday that “premium residency products” are consistent with Saudi Arabia’s goals of driving economic transformation, creating job opportunities and facilitating knowledge transfer. He said that
He said the new visa category of Residence for Special Talents, Talented Persons, Investors, Entrepreneurs and Property Owners offers holders “unparalleled opportunities to settle in Saudi Arabia”.
Special visas “offer a wide range of benefits to the holder, including the ability to run a business, own real estate, and obtain work permits for the holder and his or her family.”
However, he did not go into details such as the duration of the new special visa or the fees that investors and entrepreneurs would have to pay to obtain the visa.
Saudi Arabia, OPEC’s biggest oil producer, aims to reduce its dependence on hydrocarbon sales and diversify its economy away from oil.
Expanding the industrial base, creating jobs, promoting knowledge exchange and increasing foreign direct investment are among the main pillars of Saudi Arabia’s Vision 2030 agenda.
Saudi Arabia has opened up some areas for public-private partnerships and introduced several schemes, such as industrial free zones and tax rebates, to attract new talent and investors to the kingdom.
It also introduced regulations for foreign companies to set up regional headquarters in Saudi Arabia to support the country’s non-oil economy. Saudi Arabia wants 480 global companies to set up headquarters in the kingdom by 2030 as part of efforts to boost economic output.
In October 2021, 44 companies received government permission to establish their headquarters in the country. Companies that had already moved their regional headquarters by that time included PepsiCo, Didi, Unilever, Siemens, KPMG, Novartis, Baker Hughes, Halliburton, Philips, Flower, Schlumberger, SAP, PwC, Oyo, and Boston Scientist. These included Fick, Tim Hortons, and more.
The Regional Headquarters Program, an initiative of the Ministry of Investment and the Riyadh City Royal Commission, aims to attract multinational companies by offering premium support services, including benefits and 30-year tax breaks.
Al-Qasabi said the five new visa products were developed in collaboration with strategic partners at Premium Residency Centers across multiple government agencies.
This specialized training program is aimed at executives and professionals specializing in healthcare, science, and research. It aims to attract individuals with unique skills and experience who can contribute to the transfer of knowledge and technology.
The training aims to integrate skilled professionals and talented individuals into Saudi Arabia’s growing cultural and sports sector.
Al-Qasabi said the investor residency is designed for investors who “want to take advantage of Saudi Arabia’s thriving business environment and generate high-impact returns from the broader economy.”
This entrepreneurship training is aimed at “aspiring entrepreneurs and owners of innovative projects” who are looking to launch a startup in the Kingdom.
Al-Qassabi said the property owner visa is designed for individuals who want to benefit from the country’s rapidly growing real estate market.
He said: “The door to all premium residency products is open to those who can add value to the national economy and actively participate in Saudi Arabia’s rapid development journey based on Saudi Vision 2030.” said.
Updated: January 10, 2024, 12:51 p.m.
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