The Saudi government has approved for the first time Privileged Iqam, a scheme for entrepreneurs, investors and skilled expatriates approved to stimulate the national economy. The approval is aimed at attracting long-term investments as the government tries to diversify the economy and boost domestic spending.
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Privileged Iqama:
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.
The permits will also include a family status so that a holder can issue visit visas for relatives.
The privileged iqamas will spur activities in the service and retail sectors, augment tourism and generate a large number of jobs.
The scheme will also attract the Saudi market to attract skilled foreigners who are capable of moving the economic wheel.
The new system would increase productivity and reduce costs on traders and manufacturers.
Saudi Arabia:
King: Salman
Crown Prince: Mohammad
Capital: Riyadh
Currency: Saudi riyal (SR)
Official languages: Arabic
