Attracting ‘premium residents’ is the next step in Saudi Arabia’s ambitious reforms

Opening up to entrepreneurs and businesspeople ready to help diversify the economy highlights the next steps of the Kingdom’s Vision 2030 plans

Ewan White

At a time of global turbulence, the Kingdom’s reputation for stability and determination to build on the success of its Vision 2030 plans will help it attract global business talent and entrepreneurs

Attracting ‘premium residents’ is the next step in Saudi Arabia’s ambitious reforms

Shujaa Albogmi

last update on 19 Jan 2024

Saudi Arabia’s moves to diversify its national economy now include the offer of premium residency, which will also boost efforts to attract the brightest and best minds to help its ambitious reforms.

This is an important and unprecedented strategic decision that aligns with the country's ambitious Vision 2030 programme. This recent step is part of a wider package to attract investment, create jobs and open up to become a global economic hub.

There are five new residency options, with no limits on numbers, and they are expected to have a direct positive impact on the Saudi growth rates, its local investment environment and its ability to attract talent, not least in the knowledge economy.

Foreigners who meet the residency criteria can live and work with premium residency status across the Kingdom.

They will be able to make the most of a vast geographical area linking Asia, Africa, and Europe. They are home to cities with robust infrastructure and a vibrant economy, with easy and established access to global markets via state-of-the-art infrastructure and facilities for commercial trade.

The Vision 2030 reforms have helped Saudi Arabia become one of the fastest growing in the G20 club of major nations. Opening up to premium residents will help make further progress.

Riyadh, the capital, has an ambitious strategy alongside its modern transport links and urban planning. It aims to become one of the world's top ten city economies, is gearing up to host significant global events such as Expo Riyadh 2030, and is bidding for the FIFA World Cup in 2034.

Riyadh aims to become one of the world's top ten city economies, is gearing up to host significant global events such as "Expo Riyadh 2030, "and is bidding for the FIFA World Cup in 2034.

The chairman of the board of directors of Saudi's Premium Residency Center, Dr. Majid Al-Qasabi, believes the launch of the new premium residency products is a practical expression of the Kingdom's move to boost investment in new sectors, including the knowledge economy.

The five products offered to international applicants include Exceptional Efficiency Residency, Talent Residency, Business Investor Residency, Entrepreneur Residency, and Property Owner Residency.

أعلن مركز الإقامة المميزة عن إطلاق 5 منتجات جديدة للإقامة المميزة

Saudi Premium Residency Center has announced 5 new categories pic.twitter.com/7iob8tWLWa
— تمهيد | Tamhid (@tamhid_ksa) January 13, 2024

They have been designed to cater to different categories. The Exceptional Efficiency Residency is tailored for administrative, healthcare, scientific, and research professionals with specialised skills or senior executives contributing to knowledge transfer to the national workforce.

The Talent Residency is crafted for individuals in the fields of culture and sport, aiming to be part of the cultural, sports, and continuous development initiatives.

The Business Investor Residency is designed for investors interested in various economic sectors in the Kingdom. It allows them to benefit from competitive opportunities and advantages they offer and the development of their business environment.

To qualify for this residency, an investment of around $1.87mn, or 7mn riyals over the first two years is required, alongside creating ten jobs during the same period. Eligibility criteria are tied to obtaining an investment license.

The Entrepreneur Residency is awarded to entrepreneurs and owners of pioneering innovative and creative projects who wish to launch businesses or develop startups in the Kingdom.

The Property Owner Residency is for real estate owners seeking to settle in the Kingdom and enjoy its high quality of life and various attractions.

Shutterstock — A view of Riyadh skyline.

Saudi Arabia is a promising real estate market due to its economic promise. A fully developed property worth $1.067mn, or 4mn riyals, is required to qualify.

All forms of premium residency grant holders general privileges and cover parents, spouses, and children under the age of 25. There is no need for a visa to re-enter the country. Visas can be issued to relatives, and there will be dedicated lanes at entry points for citizens and citizens of Gulf Cooperation Council countries.

To qualify for this residency, an investment of around $1.87mn, or 7mn riyals over the first two years is required, alongside creating ten jobs during the same period.

Sport and small business in race for growth

The initiative is expected to stimulate the investment environment and increase the private sector's contribution to economic growth as the Kingdom moves away from oil dependence.

It will also help attract athletes as Saudi Arabia becomes one of the world's leading countries in sports investment. This has significantly increased the contribution of the sports sector to the economy, as measured by gross domestic product (GDP), from minimal amounts to approximately 1.5%.

Small and medium-sized businesses should receive a boost toward the official target that this part of the economy should account for 35% of GDP by 2030.

This goal will require substantial investment from entrepreneurs, including foreign entrepreneurs, as well as business investments. The growth here is expected to create suitable jobs for the workforce, leading to increased spending in the local economies.

The aim is to attract foreign investors and creative minds across all sectors covering industry, supply chain management and logistics, technology and tourism as Saudi Arabia harnesses state-of-the-art and fast-growing sectors for its ambitious expansion plans.

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