Saudi Arabia grants premium residency to over 1,200 foreign investors in less than one year
Programme attracts global talent and triples investment flows
Dubai: In less than a year since its launch, Saudi Arabia has granted premium residency to 1,238 foreign investors, according to Saudi Minister of Investment Khalid Al Falih.
Speaking at the World Investment Conference in Riyadh on Monday, Al Falih shed light on the Kingdom's efforts to attract global talent and investment through the programme, which offers unique benefits to residents and aligns with the country's Vision 2030 reform agenda.
The minister emphasised that those holding premium residency are treated as if they were in their home countries. The conference, which attracted around 2,500 investors from 30 countries, provided a platform to showcase Saudi Arabia's evolving investment landscape.
Al Falih said that investment flows have tripled since the plan's inception. The Kingdom’s gross domestic product (GDP) has grown by 70 per cent, reaching $1.1 trillion, with half of this stemming from non-oil sectors.
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“Vision 2030 has redefined the investment climate in the Kingdom, making it a global hub for innovation and opportunity,” Al Falih stated.
Saudi Arabia’s premium residency programme, updated under the Expatriate Residency Law in January 2024, is designed to attract investors and skilled professionals.
Offering numerous benefits, the residency holders the right to own property, operate businesses without a sponsor, enjoy visa-free travel, and gain exemptions from expat and dependent fees. It also extends privileges to family members and simplifies processes for hosting relatives and transferring services between establishments.
The programme offers two residency options: A renewable one-year permit or an unlimited-term permit. Eligible applicants from all nationalities can apply, provided they meet specific criteria.