Saudi Gazette report

RIYADH — Saudi Minister of Investment Khalid Al-Falih said that the number of foreign investors, who have obtained the premium residency in Saudi Arabia in less than a year after its launch, reached 1,238.Addressing the World Investment Conference in Riyadh on Monday, the minister confirmed that those who obtained the premium residency are treated as if they were in their home countries. About 2,500 investors from 30 countries are participating in the conference.

Referring to the investment climate and its advancement since the launch of Vision 2030, Al-Falih said that investment flows have now tripled compared to the period before the launch of the Vision. “The rate of the gross domestic product (GDP) recorded an increase of 70 percent, reaching $1.1 trillion during the same period,” he said while noting that half of this comes from non-oil sectors.

In his address to the conference, Al-Falih pointed to four features of the global investment movement, which he considered would reshape the global landscape. The minister highlighted the importance of investments in sustainability and the transition to a green economy, the rapid technological transformation that relies on investments in digital infrastructure to enhance the Fourth Industrial Revolution and artificial intelligence applications, the need to reconsider the way supply chains operate to be less centralized, and the demographic factor in light of the pace of population growth.

It is noteworthy that during January 2024, Saudi Arabia introduced an update to its Expatriate Residency Law, allowing categories of investors and talents to obtain a premium residency that provides 10 advantages to its holders, including premium residency for family members, exemption from paying expat and dependents fees, visa-free travel, and the right to own real estate and run a business without requiring a sponsor. The benefits also included easier process for the transfer of service between establishments without fees, hosting relatives, in addition to the flexibility in procedures of exit and reentry to the Kingdom.

It allows eligible self-sponsored foreign nationals to obtain a residence permit for up to one year that can be renewable or for an unlimited period of time. People of all nationalities can apply for the new premium residency products provided that they meet all eligibility criteria and requirements.