**Article:**
Saudi Arabia is preparing to expand its premium residency program, aiming to include a broader group of affluent and highly skilled individuals. The initiative, currently limited to select applicants, would open doors to more foreign investors, entrepreneurs, and professionals seeking long-term residence in the kingdom. This move aligns with Saudi Arabia’s broader economic diversification goals under its Vision 2030 plan.
The premium residency program offers benefits such as the ability to live, work, and own property in Saudi Arabia without the need for a local sponsor. By extending eligibility, the government hopes to attract more capital and expertise to support the development of new industries and reduce reliance on oil revenues.
**Why this matters**
Expanding the premium residency program could help Saudi Arabia draw more foreign investment and talent, crucial for its economic transformation efforts. It also signals a shift towards a more open and competitive environment for global professionals and investors, potentially boosting the kingdom’s global economic standing.
Source: NewsData