Saudi Arabia’s Ministry of Investment has developed a mechanism to grant premium residency to executives who base their company’s regional headquarters in the Kingdom, according to reports, in a bid to boost the business environment in the Kingdom and attract more foreign investment.
The initiative is being undertaken in collaboration with the country’s Premium Residency Center, according to an official press release cited by Arab News.
The information about the scheme was included in the Kingdom’s 2024 pre-budget statement. That statement included highlights of the collaborative work between the Ministry of Investment and various government entities to remove obstacles for investors. Per Arab News, this includes:
-Cooperation with the Ministry of Municipal and Rural Affairs and Housing to establish an exception mechanism and permissions for companies looking to set up their headquarters within one of their branches in the Kingdom.
-Collaboration with the Ministry of Human Resources and Social Development to implement incentives for employees at regional headquarters.
-Granting visas based on the company’s requirements, enabling spouses under the family residency to work, and extending the age limit for dependents allowed to stay with regional headquarters employees to 25 years.
