The Kingdom of Saudi Arabia has launched new residency programs aimed at attracting skilled professionals and investments as it advances its plan to shift the economy away from fossil fuels. According to a statement published by the official Saudi Press Agency, the initiative aims to enhance the country’s economic transformation by creating job opportunities and promoting knowledge transfer.
The five new premium programs target competencies in fields such as healthcare, sports, real estate, and others. They will provide holders with opportunities to settle in the Kingdom, conduct business, own real estate, and obtain work permits for themselves and their family members.
This step is part of the Vision 2030 economic transformation initiative launched by Crown Prince Mohammed bin Salman to reduce dependence on oil and attract billions in foreign direct investment. It also comes amid increasing economic competition with neighboring UAE to become a hub for trade and business in the region. Recently, authorities in the UAE have offered incentives such as the "Golden Visa" system, while Dubai launched a "Family Wealth Center" last year to assist wealthy individuals and companies in addressing cultural and governance issues.
