On its journey towards economic diversification, Saudi Arabia launched a new residency program on Thursday, January 11, 2024. The program aims to attract skilled professionals and investors from around the globe to breathe new life into the country's economic transformation.
According to the official statement, the core objective of this new initiative is to "further promote the transformation of the country's economy through job creation and the promotion of knowledge transfer". To achieve this, Saudi Arabia has launched five senior residency programs, particularly targeting key sectors such as healthcare, sports, and real estate.
These programs offer a range of benefits to residence permit holders, including settling in Saudi Arabia, starting a business, owning real estate, and obtaining work permits for holders and family members, among others. The move aims to create a magnetic field that attracts global talent while creating favorable conditions for the diversification of the Saudi economy.
The plan is an important part of Crown Prince Mohammed bin Salman's Vision 2030 economic transformation strategy. The strategy aims to wean the Saudi economy off its over-dependence on oil and accelerate the country's modernization process by attracting tens of billions of dollars in foreign direct investment.
At the same time, Saudi Arabia and its neighbor, the United Arab Emirates (UAE), are increasingly competing for regional and commercial center status. The UAE has introduced a number of incentives in recent years, including a "** visa" regime, while Dubai launched a "Family Wealth Center" last year to attract wealthy individuals and businesses.
Saudi Arabia's new residency program is undoubtedly a direct response to the competitive strategies of neighboring countries such as the United Arab Emirates. By offering more attractive residency and working conditions, Saudi Arabia hopes to stand out from this fierce economic competition and become a new hotspot for global talent and investment.
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