Saudi Arabia Launches: Saudi Arabia unveiled a series of new residency programs designed to entice skilled professionals and investments, marking a significant step in its ambitious economic shift away from fossil fuels.
The initiative, aligned with Crown Prince Mohammed bin Salman’s Vision 2030 plan, seeks to diversify the economy by generating employment opportunities and fostering the transfer of knowledge.
Saudi Arabia launches New
The five innovative premium programs target professionals in various sectors. These programs offer beneficiaries the chance to settle in Saudi Arabia, engage in business activities, and secure work permits for both themselves and their family members.
This strategic move reflects the nation’s commitment to reducing its reliance on oil and attracting substantial foreign direct investment. The economic landscape is evolving, and this initiative positions Saudi Arabia as a key player in the global business arena.
This development also unfolds amidst an escalating economic competition with neighbouring United Arab Emirates to establish regional dominance in trade and business.
The UAE has recently implemented enticing measures like the ‘golden visa’ system, while Dubai, for instance, launched a family wealth centre to address cultural issues and governance for affluent individuals and businesses.
Saudi Arabia’s proactive approach through these residency programs not only aligns with its economic transformation goals but also places it in a competitive position on the global stage, mirroring similar efforts by neighbouring nations in the region.
Also Read: India and Saudi Arabia Sign Haj Agreement