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Saudi Arabia approves permanent residency for first time

AP  |  Dubai 

The has approved for the first time a scheme that gives to certain expatriates, allowing them to own in the kingdom and reside with their families without a Saudi sponsor.

The decision, approved by and announced on Wednesday, is aimed at attracting long-term investments as the government tries to diversify the economy and boost domestic spending.

The "Privileged Iqama" system will offer a permanent residence scheme and one that can be renewed annually to highly skilled expatriates and owners of capital funds. Further details and rules about the program are not yet announced.

Officials say they hope the decision will attract more investors and entrepreneurs to to help drive private sector growth and expand employment opportunities for

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 16 2019. 00:40 IST