Saudi Arabia Unveils Initiatives to Attract Global Investors and Entrepreneurs

In a strategic move to entice global investors and skilled professionals, Saudi Arabia has taken significant steps, opening its sectors to public-private partnerships, implementing new regulations for foreign companies, and launching the regional headquarters program. As part of its ambitious Vision 2030, the kingdom aims to host 480 global company headquarters by the end of the decade.

In line with this objective, Saudi Arabia has introduced five new visa categories, collectively known as “premium residency products,” offering a multitude of benefits to holders. These privileges include the ability to conduct business, own real estate, secure work permits for both the visa holder and their family members, and other advantages.

The special talent residency is tailored for executives and professionals in healthcare, science, and research. The investor residency targets individuals seeking to capitalize on the thriving business landscape, requiring a minimum investment of $1.8 million and the creation of at least ten jobs within the initial two years.

For aspiring entrepreneurs, the entrepreneur residency facilitates the establishment of innovative startups in the country, allowing them to nominate two staff members for the same status. Meanwhile, the real estate owners visa is aimed at individuals keen on benefiting from the burgeoning real estate market, with criteria including ownership of a real estate asset valued at a minimum of $1 million, free of existing and future mortgages.

The gifted residency visa, with a fixed term of five years, falls into two categories. Applicants must either be nominated or be recipients of an award approved by the Saudi Ministries of Culture and Sports, or they must meet the minimum eligibility criteria established by these ministries.

Majid bin Alkassabi, Chairman of Saudi Arabia’s board of the Premium Residency Centre, emphasized, “The doors to all premium residency products are open to those who can add value to the national economy and actively participate in Saudi Arabia’s rapid development journey under Saudi Vision 2030.

Source: Fast Company Middle East

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