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Saudi Arabia is developing plans to significantly expand its premium residency program, targeting a broader range of wealthy individuals and investors as the Kingdom seeks to diversify its economy and compete with neighboring UAE’s highly successful golden visa initiative.
Saudi Arabia’s Residency Expansion Strategy
The Kingdom is currently reviewing its premium residency framework to include a wider selection of desirable candidates, including property owners and other high-net-worth individuals who could contribute to the nation’s economic transformation goals. This move represents a strategic shift as Saudi Arabia seeks to position itself as a premier destination for international talent and investment in the Middle East.
The expansion comes as part of Saudi Arabia’s broader Vision 2030 initiative, which aims to reduce the country’s dependence on oil revenues and create a more diversified, knowledge-based economy. By offering attractive residency options, the Kingdom hopes to retain talented expatriates and attract new investors who can contribute to key sectors including technology, healthcare, and renewable energy.
The premium residency program currently operates on a more limited scale compared to similar initiatives in the region, but the planned expansion could make it more competitive with established programs like the UAE’s golden visa system, which has attracted thousands of wealthy individuals and investors since its launch.
Regional Impact
This development intensifies competition among Gulf Cooperation Council (GCC) countries for attracting international talent and capital. The UAE has been particularly successful with its golden visa program, which offers 5 to 10-year residencies to investors, entrepreneurs, and skilled professionals, helping Dubai and Abu Dhabi cement their positions as regional business hubs.
Saudi Arabia’s enhanced residency offering could reshape investment flows across the Middle East, potentially drawing some attention away from traditional destinations like the UAE. The Kingdom’s vast market size, ambitious infrastructure projects, and significant government spending on new cities like NEOM provide compelling incentives for international investors.
What’s Next
The success of Saudi Arabia’s expanded premium residency program will likely depend on its ability to streamline application processes and offer competitive benefits compared to regional alternatives. As the Kingdom continues implementing Vision 2030 reforms, including allowing foreign ownership in various sectors and improving business regulations, the enhanced residency program could become a crucial tool for attracting the international expertise needed to achieve its economic transformation goals.
