Saudi Arabia Introduces Five Distinguished Iqamas to Attract Global Talent and Investments

Saudi Arabia Introduces Five Distinguished Iqamas to Attract Global Talent and InvestmentsRiyadh, 2024 January 10 - The Chairman of the Board of Directors of the Distinguished Residence Center, Dr. Majid bin Abdullah Al-Qasabi, has announced the launch of five distinguished residence products in alignment with the vision of Crown Prince and Prime Minister, Prince Mohammed bin Salman bin Abdulaziz Al Saud. This strategic move aims to enhance Saudi Arabia's global position by attracting top minds, talents, and investments while empowering the national economy through job creation and knowledge transfer.

The five new products for distinguished residency include exceptional competence residency, talent residency, business investor residency, entrepreneur residency, and property owner residency. Dr. Al-Qasabi emphasized that this initiative represents a practical manifestation of Saudi Arabia's future direction towards a diversified economy based on knowledge and investment in emerging sectors.

Dr. Al-Qasabi further confirmed that these premium residence products will provide their holders with opportunities to settle and work within the Kingdom while opening doors for individuals who contribute value to the national economy to become partners in realizing Saudi Arabia's Vision 2030.

Each category has been carefully tailored to suit specific needs: "Exceptional Competence" residency is designed for administrative professionals as well as those in health, scientific research fields who possess specialized skills or experience; "Mawhiba" residency targets talents and specialists in cultural and sports fields who seek involvement in continuous development; "Business Investor" establishment is aimed at investors interested in various economic sectors within the Kingdom; "Entrepreneur" residency is granted to innovative individuals with creative ideas looking to launch or develop their businesses; finally, "Real Estate Owner" residency caters specifically to property owners seeking stability within Saudi Arabia's promising real estate market.

These five new products have been developed collaboratively with strategic partners from government agencies underlining their commitment towards providing recipients with numerous advantages. Notably among these benefits are the ability to engage in commercial business, own and benefit from real estate, and obtain work permits for both the residency holder and their family members. The Distinguished Residence Center, in cooperation with government agencies, aims to offer additional features that further enhance the overall experience.

Saudi Arabia's introduction of these distinguished residence products reflects its determination to attract global talent, foster economic growth through investments, and create a vibrant environment that aligns with international standards. By embracing the best minds and talents worldwide, Saudi Arabia is taking significant strides towards becoming a global center for innovation while driving its ambitious Vision 2030 forward.

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