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DUBAI, Jan 11 (Reuters) – Saudi Arabia introduced new residency schemes on Thursday aimed at attracting professionals and investment, as the Gulf country continues its plan to shift its economy away from fossil fuels.
“The initiative aims to further stimulate the country’s economic transformation by creating employment opportunities and selling wisdom transfers,” he said in a statement.
The five new premium systems are aimed in particular at professionals in healthcare, sports, real estate, and more.
They will offer their holders the opportunity to move to Saudi Arabia, conduct business, own real estate, and download work permits for their holders and members of their family circle.
The move is part of Crown Prince Mohammed bin Salman’s Vision 2030 economic transformation plan, which aims to free the Saudi economy from its dependence on oil, including attracting billions in foreign direct investment.
It also comes amid a growing economic rivalry with neighboring United Arab Emirates (UAE) for the region’s industrial and commercial hub.
Authorities in the United Arab Emirates have recently introduced incentives such as the “golden visa” system, while Dubai last year announced a “family wealth center” for high-net-worth Americans and companies manage cultural and governance issues. (Reporting via Leslie Adler)