Saudi Arabia’s Minister of Investment Khalid Al-Falih announced that approximately 1,200 foreign investors have obtained Saudi premium residency in less than a year after its launch.
The Minister explained that the premium residency in the Kingdom makes foreigners treated as if they are in their home countries.
These remarks came during the World Investment Conference in Riyadh which brings together 2,500 investors from 30 countries around the world.
Commenting on the unprecedented success of the Saudi Vision 2030, Al-Falih stated that investment flows have now tripled after the launch of the vision.
“The rate of the gross domestic product (GDP) recorded an increase of 70%, reaching $1.1 trillion during the same period,” he said. The Minister also noted that half of this rate comes from non-oil sectors.
Four Features for Investment
In the light of this, the official mentioned four features of the global investment movement stressing their significance as the key pillars of reshaping the global landscape.
These features include:
- Investment plays a pivotal role in sustainability and transition to a greener economy.
- The world experiences rapid technological transformation based on investments in digital infrastructure. Thus, such transformation will foster the Fourth Industrial Revolution and artificial intelligence applications.
- There is a dire need to reconsider the operational way of supply chains and make it less centralized.
- The demographic factor also has a significant role especially when it comes to the accelerating growth of population.
Premium Residency
In January 2024, the Kingdom updated its Expatriate Residency Law, allowing investors and talents to get a premium residency.
Crucially, the premium residency provides its holders with 10 advantages, including premium residency for family members and exemption from paying expat and dependents fees.
Fortunately, those who obtain this kind of residency enjoy visa-free travel and the right to own real estate and run a business without requiring a sponsor.
In addition, they have easier process while transferring service between establishments without fees, hosting relatives, and the flexibility in procedures of exit and reentry to the Kingdom.
Related Topics:
Saudi Arabia’s Premium Residency Fees Reduced to 4,000 Riyals
Saudi Introduces Premium Residency Program, Expats Looking Forward to it
How to Own Home in Saudi Arabia?
