Saudi Arabia's Premium Residency Center announced today, Wednesday, the launch of five new types of "Premium" residencies as part of efforts to facilitate the entry of foreigners into the country.
The center stated in a press release that the five residencies include residencies granted to those with "exceptional skills" and "talents," as well as for "business investors," "entrepreneurs," and "property owners."
This rollout coincides with the implementation of a Saudi decision that excludes foreign companies from tenders or projects associated with the kingdom unless these companies have branches within the country.
The Premium Residency Center launched its new electronic platform today, Wednesday, aiming to streamline the premium residency application process and track the status of applicants' requests.
According to the Saudi Press Agency, the introduction of the five new products is intended to match every category, with the "exceptional skills" residency designed for individuals with managerial, health, scientific, and research expertise who possess specialized skills or experiences, or senior executives who contribute to transferring knowledge to the national workforce. Meanwhile, the "talent" residency is tailored for individuals with talents and specializations in cultural and sports fields, to become part of the cultural and sports dynamism and ongoing development.
The "business investor" residency is crafted for investors interested in investing in Saudi Arabia's various economic sectors, availing themselves of the opportunities and competitive advantages the kingdom offers and the evolving business environment.
The "entrepreneur" residency is awarded to entrepreneurs and owners of innovative and creative projects who are keen on launching or expanding their start-up companies in the country, thus participating in the kingdom's ambitious economic transformation journey.
Lastly, the "property owner" residency is designated for real estate owners desiring to obtain the premium residency and settle in the kingdom.
The new residencies come as Saudi Arabia continues to open its doors to foreign talent and investment as part of its Vision 2030 reform plans, which aim to diversify the economy away from oil dependence and develop public service sectors.
