Saudi Arabia has initiated new residency programs designed to attract skilled professionals and investment as part of its strategic shift away from reliance on fossil fuels. The goal of these programs, as stated in an official announcement, is to bolster the country’s economic transformation by generating employment opportunities and facilitating the transfer of knowledge. The five newly introduced premium programs specifically target professionals in fields such as healthcare, sports, and real estate.
These programs provide beneficiaries with the chance to settle in Saudi Arabia, engage in business activities, own real estate, and acquire work permits for themselves and their family members. This initiative aligns with Crown Prince Mohammed bin Salman’s Vision 2030 economic transformation plan, which aims to diversify Saudi Arabia’s economy and reduce its dependence on oil by attracting substantial foreign direct investment.
The move also occurs within the context of increasing economic competition with the neighboring United Arab Emirates (UAE) for regional trade and business dominance. The UAE has recently implemented incentives such as the ‘golden visa’ system, and Dubai introduced a ‘family wealth center’ last year to assist affluent individuals and businesses in addressing cultural issues and governance.
