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Arab News
03-05-2025
- Business
- Arab News
How Saudi Arabia is reshaping the global talent landscape
RIYADH: In the field of attracting global talent, Saudi Arabia stands out as a hub of innovation and opportunity, recruiting skilled professionals from all over the world to drive growth in key sectors including technology, finance, and manufacturing. With a strong focus on talent development and labor market improvements, initiatives such as the Premium Residency program represent an important step in transforming the Kingdom's workforce. More than 2,600 healthcare workers became beneficiaries of this scheme, dubbed the Saudi Green Card, in October – a clear sign that the Kingdom is proactively working to secure international talent within the country's borders How Saudi Green Card is reshaping landscape for global talent attraction in Saudi Arabia Launched in 2021, the Premium Residency program offers long-term residency to skilled workers, entrepreneurs, and investors to create a more competitive environment for top professionals. It offers expats access to benefits available to Saudi nationals, including the ability to own property, start businesses, and make use of public services. Raymond Khoury, partner and public sector practice lead, at Arthur D. Little, Middle East, believes the program will positively impact key sectors by attracting the talent needed to service the growing population — set to rise from 34.4 million today to 55 million by 2030. 'Such incentives allow skilled professionals to have a more stable personal life environment with their families and the facility to make long-term investments in their careers – a better work-life balance in general,' Khoury told Arab News. The Arthur D. Little partner went on to note that attracting skilled professionals in sectors like healthcare, technology, tourism, and renewable energy will help diversify Saudi Arabia's economy, reduce oil dependency, and boost gross domestic product through innovation and strategic partnerships in non-oil industries. 'The program also facilitates international professionals in academia and research, allowing for stronger collaborations between universities and private institutions in Saudi Arabia and their international counterparts,' he said. Khoury added that while the initiative does face challenges, such as the time it takes for international talent to adapt to local cultural and legal norms, these can be mitigated by providing clear integration pathways and support for newcomers. The international talent infusion not only accelerates progress within key sectors but also drives cultural and intellectual exchange, fostering long-term growth and innovation. Raymond Khoury, Partner and public sector practice lead at Arthur D. Little, Middle East While Saudi Arabia has this program, its Gulf Cooperation Council neighbors, such as UAE and Qatar, have their own talent attraction schemes in place, meaning there is competition for skilled professionals, Khoury explained. Abhishek Sharma, partner at Oliver Wyman's Government and Public Institutions practice for India, Middle East and Africa, said the Kingdom's Premium Residency program is transforming the expatriate model by attracting highly skilled professionals. 'Given the Kingdom's large-scale economic ambitions and the significant opportunities emerging across various sectors, these factors collectively position Saudi Arabia as an increasingly attractive destination for global talent,' Sharma told Arab News. The Saudi Green Card is improving talent mobility especially in technology, by allowing professionals to work and live without a sponsor, he added. This supports Vision 2030's goal of making Saudi Arabia an innovation hub, and boosts technological growth in sectors like artificial intelligence and digital transformation, according to Mamdouh Al-Doubayan, managing director of Middle East and North Africa at Globant. 'However, while attracting global talent is crucial, sustainable growth depends on balancing international expertise with local knowledge development. The real opportunity lies not just in recruitment but in fostering a dynamic, homegrown workforce capable of driving long-term digital adoption,' Al-Doubayan told Arab News. International talent influx The influx of international talent is vital for advancing key sectors in Saudi Arabia, such as technology, healthcare, tourism, and renewable energy — all of which support Vision 2030's goal of reducing oil dependence and fostering a sustainable, knowledge-based economy. Khoury believes innovation and technology advancement across core and adjacent sectors is critical in creating innovation hubs and driving the digital transformation of industries. 'This also covers supporting technology research, development and innovation startups and an encompassing ecosystem that fosters knowledge transfer and international collaboration,' he said. Healthcare was raised as an area where attracting skilled medical professionals — doctors, nurses, and researchers — can effectively and efficiently improve patient outcomes, introduce advanced medical practices, and lead groundbreaking research. By incentivizing industries that rely on highly skilled professionals, Saudi Arabia can accelerate sectoral growth and enhance its overall economic contribution. Abhishek Sharma, Partner at Oliver Wyman's Government and Public Institutions practice 'Establishing the Kingdom as an attractive medical tourist destination is part and parcel of some mega-projects — for example the Red Sea project — today under Vision 2030,' Khoury said. The Arthur D. Little partner also highlighted that improving the education sector in Saudi Arabia is essential for building a knowledge-based economy, particularly in STEM fields. Attracting international talent in tourism, hospitality management, event planning and arts development is key for Saudi Arabia, particularly for destinations such as Qiddiya and the Red Sea project, where the target is to attract and service between 60 million and 70 million visitors per year by 2030. 'Such a large target requires domain knowledge of global trends and international best practices, which international talent can bring in a timely manner,' Khoury said. He also flagged the need for international expertise in green technologies as being crucial for Saudi Arabia's Vision 2030, especially in renewable energy. Global partnerships and innovative solutions will aid in achieving net-zero emissions, optimizing energy efficiency, and creating sustainable business models. 'The international talent infusion therefore not only accelerates progress within key sectors but also drives cultural and intellectual exchange, fostering long-term growth and innovation for the Kingdom,' Khoury said. Knowledge economy From Oliver Wyman's side, Sharma explained that human capital is a key driver of economic growth, with skilled professionals fostering expansion, which in turn attracts more talent. Saudi Arabia is set to experience this positive cycle over the next seven to 10 years. 'As the Kingdom advances toward its Vision 2030 goals, transitioning to a knowledge-based economy, improving the overall quality, skill level, and productivity of the workforce will be critical. By incentivizing industries that rely on highly skilled professionals — such as professional services, technology, and advanced manufacturing — Saudi Arabia can accelerate sectoral growth and enhance its overall economic contribution,' he said. While attracting global talent is crucial, sustainable growth depends on balancing international expertise with local knowledge development. Mamdouh Al-Doubayan, Managing director of Middle East and North Africa at Globant According to Al-Doubayan from Globant, international talent is crucial to the Kingdom's shift toward a knowledge-based economy, bringing specialized skills and innovative approaches, particularly in technology. Collaborating with local professionals drives progress, supports Vision 2030's goals of economic diversification, and enhances competitiveness in a digital, AI-driven world. 'By integrating global expertise with local capabilities, Saudi Arabia is not only strengthening its workforce but also creating an environment where homegrown talent can thrive. The impact goes beyond immediate job creation — it builds a long-term, self-sustaining innovation ecosystem that reduces reliance on traditional industries and positions the Kingdom as a leader in digital transformation,' he said. Future strategies As Saudi Arabia aims to become a global hub for business, technology, and culture through Vision 2030, the ongoing influx of international talent will play a crucial role in driving economic growth and fostering innovation. Arthur D. Little's Khoury believes that enhancing immigration policies, including expanding programs like the Saudi Green Card, could see tailored benefits being offered to professionals in sectors such as renewable energy, AI, and biotech, as well as healthcare and fintech, providing long-term opportunities. He explained that availing and advancing innovation hubs and ecosystems in support of attracting and retaining tech entrepreneurs, researchers, and innovators, is vital, as is offering them not only business opportunities but also a platform to collaborate with global experts in their fields. 'This is a key focus of the Saudi Research Development and Innovation Authority in its aim to bolster RDI capabilities and create a compelling environment for leading scientists, engineers, and researchers,' Khoury said. He added that the government is boosting investments in incubators, accelerators, and venture capital to support local and international startups, aiming to create a diverse innovation ecosystem and foster new tech-driven industries. Additionally, the partner explained how the Kingdom's investment in education and upskilling initiatives to build a knowledge-based economy, focusing on attracting international students and researchers while pairing global talent with local professionals, will enhance expertise. 'Having a skilled and diverse workforce will better enable Saudi Arabia to effectively compete on the international stage and attract more high-value investments that will spur further economic development and prosperity,' Khoury said. Oliver Wyman's Sharma highlighted attracting top talent is key to the Kingdom's goal of becoming a global leader in AI. He said that a parallel strategy of aggressively upskilling the local workforce will be 'equally critical' in sustaining long-term economic and innovation-driven growth. Al-Doubayan from Globant explained with growing demand for skilled professionals in technology, entertainment, and sustainability, organizations must offer not just jobs but upskilling, career development, and innovation-driven environments to position the Kingdom as a long-term career destination. He said: 'The increasing integration of AI across industries is intensifying competition for top talent. Organizations now face a paradigm shift: moving from simply retaining talent to empowering professionals to grow, innovate, and remain engaged within the Kingdom's evolving workforce. The key challenge is no longer just recruitment — it is creating an environment where individuals choose to stay despite global demand for elite professionals.'
CairoScene
28-04-2025
- Business
- CairoScene
Saudi Arabia Issues Record 8,074 Premium Residency Permits in 2024
Launched in 2019, the Premium Residency initiative aims to attract global talent and drive domestic market growth. Saudi Arabia issued a record 8,074 Premium Residency permits in 2024, the highest number since the programme's launch in 2019. According to the Premium Residency Center, 5,578 permits were awarded under the "Competence" category, 348 under "Talents," and 2,148 to other eligible applicants. The Premium Residency initiative, part of Saudi Arabia's Vision 2030 framework and overseen by the National Transformation Program, is designed to attract skilled professionals, investors, and entrepreneurs to the Kingdom. Applications were assessed to ensure they met the programme's rigorous criteria, focusing on global expertise, specialised skills, and investment potential. Both residents and foreign nationals were among the successful applicants. Officials stated that the initiative aims not only to bring global talent into Saudi Arabia, but also to boost the competitiveness of the domestic market, enhance human capital development, and create knowledge transfer opportunities for the local workforce. Since its launch, the Premium Residency programme has become a key tool in Saudi Arabia's economic diversification efforts, supporting the Kingdom's ambition to establish itself as a major destination for international talent and investment.
Arab News
16-04-2025
- Arab News
Digital Hajj permit service opens for resident workers
Riyadh: The General Directorate of Passports has begun accepting electronic applications from resident workers to gain Makkah entry permits during the Hajj season, the Saudi Press Agency reported. Applications can be submitted through the Ministry of Interior's platforms — Absher and the Muqeem portal — eliminating the need to visit passport offices. This is integrated with the unified service for Hajj permits, the Tasreeh platform, the SPA added. The Absher Individuals platform enables permit issuance for domestic workers, dependents, Premium Residency holders, investors, mothers of citizens, and GCC nationals, after submitting the required documents. Through the Muqeem portal, permits are issued to workers in Makkah-based establishments, seasonal work visa holders, and individuals with employment contracts with such establishments during the Hajj season. Starting April 23, residents within the Kingdom must obtain permits to enter Makkah. Residents without permits will be denied entry and returned to their original location, the Ministry of Interior said. Exemptions apply to residents with a work permit for the holy sites issued by the relevant authority, those holding a resident ID issued by Makkah, or those with valid Hajj permits. The issuance of Umrah permits through the Nusuk platform will be suspended from April 29 to June 10 for citizens, GCC nationals, residents, and holders of other visa types. Starting April 29, no one will be allowed to enter or remain in Makkah without a Hajj visa, the ministry added.
Arabian Business
09-04-2025
- Business
- Arabian Business
Saudi property market booms with $29bn transactions as premium visas drive record foreign investment
Saudi Arabia's real estate market has recorded SAR109 billion (approximately $29 billion) in transactions so far in 2025, with the Premium Residency programme emerging as a significant catalyst for foreign investment in the property sector, industry experts told Arabian Business. The kingdom's push to diversify its economy away from oil has seen a flurry of regulatory reforms aimed at attracting international investors, with the real estate sector emerging as a key beneficiary of these policy shifts. According to data from the Ministry of Justice, cited by Imad Damrah, Managing Director at Colliers in Saudi Arabia, a total of 93,000 real estate transactions have been recorded in the kingdom in the first quarter of 2025. Saudi Arabia's General Authority for Statistic's Real Estate Price Index rose by 3.6 per cent year-on-year in Q4 2024, with commercial and residential segments both seeing strong gains, according to Damrah. This coincides with the continued enforcement of the kingdom's regional HQ mandate, which requires multinational companies to establish their Middle East headquarters in Saudi Arabia or risk losing access to lucrative government contracts. Premium Residency driving luxury market A significant driver of this growth has been the Saudi Premium Residency programme, which by late 2024 had attracted more than 1,200 international investors, according to information from the Minister of Investment shared by Damrah. The programme, which offers various tiers of long-term residency rights, includes a 'Real Estate Owner Residency' category that permits holders to own freehold or usufruct interests in residential property valued at a minimum of SAR4 million (approximately $1.07 million). 'Developers are launching high-end residential offerings with pricing above the minimum price threshold of SAR4 million for premium residency, in anticipation of demand from globally mobile, high-net-worth individuals,' Damrah noted, adding that the programme is already 'shaping buyer demographics, particularly in Riyadh and Jeddah.' Khaled Zowayed, a Partner at law firm Baker Mckenzie, confirmed that the programme offers substantial property rights to foreign investors. 'For Makkah and Madinah, no freehold ownership is permitted even with the residency, but 99-year usufructs are permitted,' he explained. Regulatory changes open holy cities to investment One of the most significant recent policy shifts has been the relaxation of rules governing foreign investment in companies that own real estate in the holy cities of Makkah and Madinah. 'A Royal Decree dated 17/9/1442 (corresponding to 29/04/2021) amended part of the Foreign Ownership of Real Estate Law to specifically exclude listed companies from the definition of Non-Saudi, subject to guidelines to be issued by the Capital Market Authority,' Zowayed said. Following the issuance of these guidelines, foreigners are now permitted to own shares in listed companies that own real estate in Makkah and Madinah, although foreign ownership is restricted to up to 49 per cent of any listed company. Damrah described the sentiment around this policy shift as 'optimistic,' noting that as 'pilgrimage numbers in these cities continue to rise over the long term, this growth creates more opportunities for investment in hospitality and retail development.' Despite the strong growth, the Saudi government is implementing measures to ensure sustainable development in the sector. Damrah noted that authorities are 'taking steps to stabilise growth through land supply expansion, white land taxes and the possibility of implementing lease caps.' These initiatives, he said, 'aim to foster sustainable, long-term growth in the real estate sector while safeguarding consumers from the effects of escalating prices.' Pathways to foreign ownership in Saudi Arabia Zowayed pointed out that there are numerous existing avenues for foreign investment in Saudi real estate, including: Foreign licensed businesses owning their place of business Residents owning their private residences Investment and development of real estate worth at least SAR30 million (land & construction) provided the investment is completed within 5 years Investing in a Capital Market Authority-licensed real estate fund that owns real estate Investing in a Tadawul-listed company that owns real estate Special privilege iqama holders owning property worth at least SAR4 million GCC nationals, who are not considered foreigners under Saudi law, generally being permitted to own real estate, except in Makkah and Madinah Market opportunities and future outlook Both experts highlighted significant opportunities in specific market segments. Damrah pointed to 'strong potential in the mid-income executive housing segment, which remains relatively untapped compared to the abundance of luxury or subsidised affordable housing from government projects.' He also noted similar opportunities in the office market, 'where premium spaces dominate, yet demand from SMEs for quality, cost-effective options continues to grow.' The hospitality sector was identified as particularly promising, especially with upcoming mega-events. 'Hospitality is a promising sector, especially with the upcoming Expo 2030 and World Cup 2034,' Damrah said. He emphasised that a critical strength of the Saudi real estate market is its 'strong organic demand, driven by population growth and shifting demographics,' which adds 'resilience and long-term stability, making the market less susceptible to global volatility.' Mega-events FIFA 2034, Expo 2030 boosting investor confidence Saudi Arabia's securing of major global events has significantly boosted investor confidence in the real estate sector. 'Global visibility is rising with the Kingdom securing major global events such as the FIFA World Cup 2034, Expo 2030 and the Asian Games 2034,' Damrah noted. These events, combined with progress on innovative giga-projects like Qiddiyah and a surge in tourism, are driving demand across multiple real estate sectors, including hospitality, retail, and residential. For investors looking to enter the market, Damrah advised focusing on 'identifying underserved segments such as SME-grade office spaces or mid-income housing and aligning with long-term macro trends shaping the Kingdom's evolving urban landscape.' As Saudi Arabia continues its economic transformation under Vision 2030, the real estate sector appears poised for continued growth, with foreign investment playing an increasingly important role in this development.
