Saudi approves a green card-style system

Saudi Arabia is opening up to the world. While it has always welcomed pilgrims and expat workers to grow its oil and gas sector, it now has plans of turning a group of islands in the Red Sea as a tourist destination. Moreover, it has taken a number of initiatives to diversify from oil dependence and boost its startup economy with funds.

While it has introduced programmes and funds to attract Venture Capitalists to the Kingdom, it recently announced an American green card-style system to further entice investors and entrepreneurs to set up in the country.

The Consultative Assembly of Saudi Arabia recently approved a draft law regulating the issuance of residence permits for highly-skilled and wealthy foreign nationals without the need for a sponsor.

The Shura Council has approved the initiative in a bid to attract foreign investors and entrepreneurs to the country, as the Kingdom moves towards opening its economy in line with its Vision 2030.

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