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 drops 8,000 MW power procurement, claims $17 billion savings amid IMF-driven reforms
- Government says decision taken “on merit” as it seeks to cut losses, circular debt, ease consumer pressure
- Power minister says losses fell from $2.1 billion to $1.4 billion, circular debt dropped by $2.8 billion
ISLAMABAD: Pakistan has abandoned plans to procure around 8,000 megawatts of expensive electricity, the power minister said on Sunday, adding that the decision was taken “purely on merit” and would save about $17 billion.
The power sector has long been a major source of Pakistan’s fiscal stress, driven by surplus generation capacity, costly contracts and mounting circular debt. Reforming electricity pricing, reducing losses and limiting new liabilities are central conditions under an ongoing $7 billion IMF program approved in 2024.
Pakistan has historically contracted more power generation than it consumes, forcing the government to make large capacity payments even for unused electricity. These obligations have contributed to rising tariffs, budgetary pressure and repeated IMF bailouts over the past two decades.
“The government has abandoned the procurement of around 8000 megawatts of expensive electricity purely on merit, which will likely to save 17 billion dollars,” Power Minister Sardar Awais Ahmed Khan Leghari said while addressing a news conference in Islamabad, according to state broadcaster Radio Pakistan.
He said the federal government was also absorbing losses incurred by power distribution companies rather than passing them on to consumers.
The minister said the government’s reform drive was already showing results, with losses reduced from Rs586 billion ($2.1 billion) to Rs393 billion ($1.4 billion), while circular debt declined by Rs780 billion ($2.8 billion) last year. Recoveries, he added, had improved by Rs183 billion ($660 million).
Leghari said electricity tariffs had been reduced by 20 percent at the national level over the past two years and expressed confidence that prices would be aligned with international levels within the next 18 months.
Power sector reform has been one of the most politically sensitive elements of Pakistan’s IMF-backed adjustment program, with higher tariffs and tighter enforcement weighing on households and industry. The government says cutting losses, improving recoveries and avoiding costly new capacity are essential to stabilizing public finances and restoring investor confidence.
