Saudi Premium Residency Program hosts workshop in Riyadh

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The workshop centered around the entrepreneur residency product (ERP) to enlighten attendees on this category's opportunities, requirements, and benefits. (AN Photo by Abdulrahman AlNajim)
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The workshop centered around the entrepreneur residency product (ERP) to enlighten attendees on this category's opportunities, requirements, and benefits. (AN Photo by Abdulrahman AlNajim)
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The workshop centered around the entrepreneur residency product (ERP) to enlighten attendees on this category's opportunities, requirements, and benefits. (AN Photo by Abdulrahman AlNajim)
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Updated 08 May 2024
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Saudi Premium Residency Program hosts workshop in Riyadh

  • The workshop also included networking and discussions on funding opportunities as well as mentorship

RIYADH: Saudi Arabia’s residency program attracting top foreign talent and investors hosted a workshop in Riyadh on Wednesday.

The Premium Residency Program, launched in 2019, draws skilled professionals, talented individuals and investors to the Kingdom through five residency categories.

It targets expatriates who wish to gain premium residency in Saudi Arabia.

The categories, announced in January, include special talent, gifted, entrepreneur, investor and real estate residencies.

The “Introduction to Premium Residency Products” at The Garage in Riyadh focused on the entrepreneur category.

The residency includes two sub-categories for entrepreneurs and innovators who contribute to the development of multiple industries in Saudi Arabia.

Category one of the entrepreneur residency provides a five-year premium residency. Applicants must obtain an entrepreneurial license from the Saudi Ministry of Investment and a letter of recommendation from the investing party.

They are required to obtain a minimum SR400,000 ($106,000) investment from a recognized organization and hold at least a 20 percent share of the startup.

After the five-year term, the entrepreneur residency will be renewed if the eligibility criteria is still met.

Category two grants a permanent residency only if the entrepreneur creates a minimum of 10 jobs in the first year and 10 or more in the second year.

The individual must demonstrate a minimum investment of SR15 million and a 10 percent ownership stake in the business.

The advantages of the entrepreneur residency include the ability to nominate two people from the applicant’s work team — such as executives — to obtain exceptional competence residencies.

Among the general benefits are owning and using real estate, issuing visit visas for relatives, and exemption from the financial fees imposed on expatriates and their companions.

Beneficiaries will be able to use the lanes designated for citizens and citizens of the Gulf Cooperation Council countries at ports across the Kingdom.

The holder of the premium residency and their family members can leave and return to Saudi Arabia without requiring a re-entry visa. They can also work in private sector establishments.

Sarah Al-Hamad, who attended the workshop, told Arab News: “I truly believe that the Premium Residency Program will drive economic growth and cultural exchange in the Kingdom for years to come.”

The workshop also included networking and discussions on funding opportunities as well as mentorship.


New wave of Iranian drone attacks on Saudi Arabia neutralized

Updated 5 min 19 sec ago
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New wave of Iranian drone attacks on Saudi Arabia neutralized

  • 13 drones downed east of Riyadh city and 8 destroyed upon entering Saudi air space
  • Drone attacks continue despite apology given by Iranian officials to Gulf states

RIYADH: Saudi Arabia’s air defenses neutralized a fresh wave of drone attacks on Sunday, the Ministry of Defense announced, as Iranian strikes on Gulf states showed no signs of abating despite Tehran’s conciliatory gestures a day earlier.

Ministry spokesman Major General Turki Al-Maliki said in posts on X that 13 drones were intercepted and destroyed east of Riyadh, while eight more were shot down shortly after entering Saudi airspace.

Sunday’s attacks follow a relentless barrage on Saturday in which the Kingdom’s air defenses intercepted and destroyed 21 drones headed toward Aramco’s Shaybah oil field deep in the Rub’ al-Khali desert, as well as five ballistic missiles fired at various times during the day.

Also on Saturday, Saudi defenses intercepted five ballistic missiles launched toward Prince Sultan Air Base in Al-Kharj, an important industrial zone approximately 80 kilometers southeast of Riyadh. It was the third attempted strike in three consecutive days on the base. A single drone was also intercepted east of Riyadh.

The Shaybah attack on Saturday was the first on the vital facility since Feb. 28, when Israel and the United States launched a massive air campaign against Iran, triggering a wave of retaliatory strikes by Tehran across the Gulf region.

The persistent attacks came despite Iranian President Masoud Pezeshkian issuing a public apology on Saturday to Gulf neighbors, saying Tehran would halt strikes unless attacks against Iran originated from their territory. “I personally apologize to the neighboring countries that were affected by Iran’s actions,” he said in a televised address.

However, Iran’s armed forces spokesman Abolfazl Shekarchi sought to qualify the pledge, saying Iran would avoid targeting neighboring countries only unless their territory was used to launch attacks against Iran — a caveat that left regional officials questioning whether the apology signaled a genuine effort to de-escalate or simply a shift in messaging while military operations continued.

The sincerity of this diplomatic overture has been met with skepticism as air defense sirens continue to wail across the Gulf. In the UAE, debris from a mid-air destruction caused minor damage to a building facade in Dubai Marina, though no injuries occurred.

The situation remains more volatile in Bahrain, where the Interior Ministry reported that an intercepted attack caused a fire in the capital, Manama, damaging a residential home and nearby structures. King Hamad bin Isa Al-Khalifa reaffirmed the kingdom’s commitment to peace and coexistence but emphasized the necessity of maintaining regional stability against persistent threats.

Inside the Kingdom, the focus remains on protecting civilian and industrial hubs. Major General Al-Maliki highlighted that the recent missile threats were the third attempted strikes in three consecutive days on Al-Kharj, an important industrial zone located 80 kilometers southeast of Riyadh. On Friday alone, five missiles and multiple drones were shot down across the Eastern Province and the capital region.

The international community has responded with a mix of condemnation and warnings. US President Donald Trump warned via social media that Iran would be “hit very hard” in response to the aggression. Meanwhile, the Gulf Cooperation Council (GCC), following an extraordinary meeting in Riyadh, affirmed the collective right of member states to defend their territories against what they termed “treacherous Iranian aggression.”