ISLAMABAD: Saudi Arabia on Sunday started accepting online applications for a special residency scheme that seeks to boost investment and generate non-oil revenues.
Officially known as a “Privileged Iqama” and commonly referred to as the Saudi “green card,” the new residency scheme was first mentioned by Crown Prince Mohammed bin Salman nearly three years ago. However, the Saudi cabinet approved it last month and its website became operational on Sunday.
The program offers a permanent residency for SAR800,000 ($213,000) and a one-year but renewable residency costing SAR100,000 ($26,665.24), according to the online portal for registrations.
In order to be eligible for the new green card scheme, expatriates must meet several criteria including having a valid passport, clean criminal record, financial solvency, and authentic credit and health reports.
According to a Reuters report, over 10 million expats currently work and live in Saudi Arabia “under a system that requires them to be sponsored by a Saudi employer and be issued an exit and re-entry visa whenever they want to leave the country.”
The new scheme will allow them, however, to do business without a Saudi sponsor, buy property and sponsor visas for relatives, the website said.
Analysts believe the program will largely benefit wealthy individuals who have lived in Saudi Arabia for years without permanent residency or multinational companies seeking to do long-term business in the Kingdom.
The move is aimed at boosting non-oil revenue as the Kingdom seeks to diversify its economy as part of its Vision 2030 plan.
Experts say the new program can also benefit several Pakistanis who live in the Kingdom. Talking to Arab News last month, Pakistan’s former ambassador to Saudi Arabia, Rizwan-ul-Haq, described the scheme as a welcome development.
“The biggest benefit [of the new scheme] is that Pakistanis who have been living there are aware of their language, and they can invest in small and medium size businesses and employ other Pakistanis without relying on local partners,” he said.
“If mid- to large-scale businesses are assured of legal rights and a conducive environment,” he continued, “they would definitely move to Saudi Arabia. The educational and hospitality sectors can boom.”
Saudi Arabia launches residency scheme for expatriates to boost investment, non-oil revenue
Saudi Arabia launches residency scheme for expatriates to boost investment, non-oil revenue
- The program is designed to attract wealthy and high-skilled individuals
- Experts believe Pakistanis living in the Kingdom can benefit from the scheme
Pakistan to promote mineral sector at Saudi forum this month with 13 companies
- Delegation will take part in the Future Minerals Forum in Riyadh from Jan. 13-15
- Petroleum minister will lead Pakistan, participate in a 90-minute country session
ISLAMABAD: Around 13 Pakistani state-owned and private companies will attend the Future Minerals Forum (FMF) in Saudi Arabia from Jan. 13 to 15, an official statement said on Friday, as the country seeks to ramp up global engagement to develop its mineral resources.
The FMF is an international conference and investment platform for the mining sector, hosted by mineral-rich countries to attract global investors, companies and governments.
Petroleum Minister Ali Pervaiz Malik confirmed Pakistan’s participation in a meeting with the Saudi envoy, Nawaf bin Said Al-Malki.
Pakistan hosts one of the world’s largest copper-gold zones. The Reko Diq mine in southwestern Balochistan, with an estimated 5.9 billion tons of ore, is partly owned by Barrick Gold, which calls it one of the world’s largest underdeveloped copper-gold deposits. Its development is expected to boost Pakistan’s struggling economy.
“Upon an invitation of the Government of the Kingdom of Saudi Arabia, the Federal Minister informed the Ambassador that Pakistan will fully participate in the upcoming Future Minerals Forum (FMF), scheduled to be held in Riyadh later this month,” Pakistan’s Press Information Department (PID) said in an official statement.
The Pakistani minister will lead his country’s delegation at the FMF and take part in a 90-minute country showcase session titled “Unleashing Potential: Accelerating Pakistan’s Mineral Revolution” along with local and foreign investors.
Pakistan will also establish a dedicated pavilion to highlight the vast potential of its rich geological landscape to the global mineral community.
The Saudi envoy welcomed Pakistan’s decision to participate in the forum and discussed enhancing bilateral cooperation in the minerals and energy sectors during the meeting.
According to the statement, he highlighted the potential for cooperation between Saudi Arabia and Pakistan in the minerals and energy sectors, expressing confidence that the FMF would provide a platform to expand collaboration.
Pakistan’s mineral sector, despite its rich reserves of salt, copper, gold and coal, contributes only 3.2 percent to the country’s GDP and just 0.1 percent to global mineral exports.
However, many countries, including the United States, have shown interest in Pakistan’s underdeveloped mineral sector, particularly in copper, gold and other critical resources.
In October, Pakistan dispatched its first-ever shipment of rare earth and critical minerals to the United States, according to a Chicago-based US public relations firm’s report.
