Saudi Arabia sees surge in foreign investment with premium residency program
Saudi Minister of Investment, Khalid Al-Falih, has disclosed that within less than a year of its launch, the number of foreign investors who have obtained Saudi Arabia’s premium residency has reached 1,238.
Speaking at the World Investment Conference in Riyadh on Monday, Al-Falih emphasized that those granted premium residency are treated as if they were in their home countries. The conference, which drew approximately 2,500 investors from 30 countries, also highlighted the growing appeal of Saudi Arabia as an investment destination.
Al-Falih credited the significant increase in investment flows to the launch of Vision 2030, noting that these flows have tripled compared to pre-Vision levels. He also reported a remarkable 70 percent increase in Saudi Arabia’s GDP, which now stands at $1.1 trillion, with half of this growth attributed to non-oil sectors.
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The minister outlined four major global investment trends reshaping the economic landscape. These include investments in sustainability and green economies, rapid technological advancements, the need for decentralized supply chains, and the impact of growing global populations on investment strategies.
Additionally, in January 2024, Saudi Arabia introduced an update to its Expatriate Residency Law, allowing investors and talent to apply for premium residency.
This new system offers a range of benefits, including the right to own property, operate businesses without a sponsor, and travel visa-free. Premium residency holders also enjoy easier processes for service transfers, hosting relatives, and flexible re-entry procedures.
