Saudi Arabia launches new permanent residency visa to attract talent in healthcare, sports and real estate

Highlights: Saudi Arabia unveils new residency initiatives to attract talent and boost economy

• Saudi Arabia has introduced new residency initiatives to attract qualified individuals and draw in investments.
• The initiative aims to accelerate economic transition in the country.
• Residency holders will have the right to live and work in Saudi Arabia.
• Holders will also be eligible to get work permits for them and also for their family members.
• Authorities of UAE have recently launched their own initiatives such as Golden visa scheme to attract investments and skilled talent.

 

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New residency initiatives introduced by Saudi Arabia

Saudi Arabia has introduced new residency initiatives on Thursday in an effort to draw in investment and highly qualified individuals as the Gulf nation moves forward with its strategy to shift its economy away from fossil fuels.

 

The initiative seeks to accelerate the nation's economic transformation through job opportunities and knowledge transfers.

 

Five new premium programs and privileges for professionals in Saudi Arabia

The five new premium programs specifically target professionals in healthcare, sports, real estate, and other industries.

 

Residency holders under these programs not only gain the right to live and work in Saudi Arabia but also will be eligible for privileges such as property ownership and the ability to secure work permits for themselves and their family members.

 

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Saudi Arabia’s Initiative is a part of 2030 economic transformation strategy

This initiative is a part of the Crown Prince Mohammed bin Salman's Vision 2030 economic transformation strategy. The broader vision aims to stop Saudi Arabia’s dependence on oil and to draw billions in foreign direct investment.

 

The announcement comes amidst heightened competition with the United Arab Emirates (UAE) to become the dominance in commerce and business within the region.

 

UAE’s golden visa scheme and family wealth centre

UAE authorities have recently implemented its own incentives, such as the "golden visa" scheme, to attract skilled talent and investments. While, Dubai launched "family wealth centre" last year in order to assist wealthy individuals and businesses to deal with cultural and governance-related issues.

 

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