Saudi expands its horizons for foreign funds
It appears as if Saudi Arabia is deadly bent upon opening its closed economy for others too. It chalks out plans to expand its horizons for the foreign investors which according to a noted economist Khalid Al-Dhubayi, will help attract at least 100 Saudi Riyal billion worth of investments. It was certainly a moment to commemorate for enthusiastic investors for buying real estate. Not only would this but obtaining a visa for the relatives also become a reality. Others stated that it was something we had always wanting and it was going to happen finally. Certainly three months hence there will be available all the details regarding the scheme for privileged Iqama. We got to an intersection where the beacon light was now turning out to be green for new opportunities, hope the market gazers observing further much productive about the changed declaration to melt the thickest frost off any business expatriate’s heart.
This will pave the way for opening the kingdom as a global financial and economic hub by attracting huge investments from around the world. The Saudi Arabia government has come with benefitting the 21-year-old emigrants without any criminal record the permanent residency without a Saudi sponsor. They will have the option to make a choice between a permanent and a temporary residence permit. It has been termed as privileged Iqama system. This formula was being formulated to encourage investments in the Kingdom without the need for a local sponsor thereby allowing eligible expatriates to live for a longer period in that Arab country. Through this facility, they will be capable of owning real estate in the Kingdom and also residing with their families.
The recently announced fresh system offers a permanent residence scheme to be renewed annually to highly skilled emigrants and owners of capital funds. It is aimed at attracting long-term investments as the Saudi Arabia government tries to diversify its economy and boost domestic spending. It will restrict cover-up businesses. Like so many preceding reforms by Saudi Arabia, the latest one heralds in the form of an American Green Card system upon the rich Kingdom. None could rebuff such a motivating offer but would accept with a modest nod. Investors’ eyes could not help wander away over this substantial declaration and their minds would feel like getting the freedom of entry in that inaccessible economy. In the coming three months they would surely notice of what they were so far unaware absolutely.