Saudi Arabia grants permanent residency to 73 foreigners

Under a new programme to attract overseas investment, Saudi Arabia has granted the 'premium' residency to 73 foreigners in the Kingdom, the first batch of applicants who met the criteria.

According to a statement from the government's Premium Residency Center issued on Monday, Saudi received thousands of applications after offering permanent residency for 800,000 riyals (Dhs783,482) or a one-year renewable permit for 100,000 riyals (Dhs 97,935), reported Gulf News.

Adding that the first batch of recipients come from 19 countries and include investors, doctors, engineers and financiers, the statement said: "Saudi Arabia's Premium Residency Center (SAPRC) had received thousands of applications through its online portal from within and outside the Kingdom in the past few months."

"These applications were handled by a specialised team to analyse and communicate with the applicants to ensure a smooth application process in accordance with the Premium Residency regulations," the statement said.

The visa holders of this type of residency will also have a family status and be entitled to use the processing service designated for Saudis at airports.

The programme, approved in May, is a part of Crown Prince Mohammed bin Salman's economic and social reform plans to diversify the economy.