Latest news with #SaudiPremiumResidency
Leaders
2 days ago
- Business
- Leaders
Saudi Premium Residency Draws 40,000 Applicants Amid Vision 2030 Push
Over 40,000 people have applied for Saudi Premium Residency between January 2024 and July 2025, marking a noticeable increase in demand for the scheme, according to Gulf News. In line with Vision 2030, the Saudi Premium Residency represents a unique program that allows talented individuals, investors, entrepreneurs and high-value workers to work and live in the Kingdom without requiring a local sponsor. The platform has recently received 40,163 applications from both local and international applicants. In 2024, the Kingdom issued 8,074 Premium Residency permits. The 'exceptional competence' category secured the largest portion with 5,578 permits, followed by the 'talent' category with 348, and the remainder distributed across real estate ownership, entrepreneurship, and investment. Interestingly, Saudi Arabia broadened the program from two to seven categories in early 2024. Therefore, the program now covers exceptional competence, talent, investor, entrepreneur, real estate owner, as well as limited-duration and unlimited-duration residency options. Premium residency visa holders enjoy a vast array of privileges, such as permanent or time-limited residency for themselves and their families, property ownership rights, visa-free travel, and exemption from expat levies. Crucially, the program grants residents usufruct rights to properties in Mecca and Medina for up to 99 years, in addition to access to citizen-designated airport lanes. Overall, the scheme stands out as a cornerstone of the Saudi Arabia's strategy to foster its global competitiveness by creating a more appealing environment for both living and business. Related Topics: 1,200 Foreign Investors Have Saudi Premium Residency, Al-Falih Says Saudi Arabia's Premium Residency Fees Reduced to 4,000 Riyals Saudi Introduces Premium Residency Program, Expats Looking Forward to it Short link : Post Views: 9
Time of India
3 days ago
- Business
- Time of India
Saudi Premium Residency update: Over 40,000 applications filed between Jan 2024–Jul 2025
Over 40,000 applicants have applied for Saudi Arabia's Premium Residency/Image: File TL;DR: From January 2024 to July 2025, Saudi Arabia received 40,163 applications for its revamped Premium Residency, a clear signal of growing global interest. In 2024 alone, 8,074 permits were granted, led by the 'Exceptional Competence' category, followed by allocations under talent, investor, entrepreneur, and real estate owner tracks. Premium Residency offers visa -free entry, work and property rights, family access, and citizenship-like flexibility, aligned with Vision 2030's push for foreign investment and talent. Over 40,000 applicants from across the globe have applied for Saudi Arabia's Premium Residency since early 2024, reflecting surging interest from high-net-worth individuals and professionals attracted by the kingdom's long-term visa incentives, economic diversification, and investor-friendly reforms. The program, which offers expats the ability to live, work, and invest in Saudi Arabia without a sponsor, has become a central pillar in Vision 2030's goal of drawing global talent and capital into the kingdom. Beyond the figures: What is Saudi Premium Residency ? Launched in 2019, Saudi Arabia's Premium Residency, often dubbed the 'Green Card' is a forward-thinking residency scheme that allows expatriates to live, work, invest, and own property in the Kingdom without the need for a local sponsor. It parallels permanent residency in other countries and was introduced as a key pillar of Vision 2030, aiming to diversify the economy. In January 2024, the program expanded significantly—from just two pathways to seven tailored categories: Exceptional Competence Talent Investor Entrepreneur Real Estate Owner Limited Duration Unlimited Duration Premium Residency As a Premium Residency holder, you gain full access to Saudi Arabia's growing network of modern amenities and infrastructure. You can live in secure gated communities, luxury residences, or city-center apartments, with the legal right to own or usufruct property. International schools with globally recognized curricula cater to families, while advanced public and private healthcare facilities offer affordable, high-quality medical services. Major cities like Riyadh, Jeddah, and Dammam feature global retail outlets, fine dining, and comprehensive transport networks. Residents benefit from exclusive airport lanes, visa-free re-entry, and streamlined mobility within the Kingdom. For leisure, the country hosts large-scale events like Riyadh Season and Jeddah. What's driving the steam in applications? High-value benefits continue to attract global applicants: Residency for self and family, with visa-free entry and exit Permission to work freely, switch employers, and hold business licenses Rights to own property, vehicles, and recruit domestic workers Access to special airport lanes, extended stay in holy cities, and family visit visa powers Applicants are motivated by Saudi's booming real estate and entrepreneurial environment, with initiatives like NEOM and major urban development projects creating lucrative possibilities. Who's getting approved and how many? Out of 40,163 applicants in the 18-month window: 8,074 permits were issued in 2024 alone The majority of approvals, 5,578 permits went to the Exceptional Competence category, showcasing demand for world-class talent Other permits followed across talent, investor, entrepreneur, and real estate ownership categories Why it matters Saudi Arabia's Premium Residency reflects a new era of openness and competitiveness: It's a strategic tool to diversify the economy and solidify the Kingdom's reputation as a global investment hub. The program's flexibility and independence empower expatriates to plan long-term, deepening economic ties. Growing uptake hints at increasing global confidence in the Kingdom's reform agenda and quality of life offerings. The surge toward 40,000 applications within just 18 months is more than a statistic, it's a marker of growing global belief in Saudi Arabia's reformed vision for the future. With clear pathways for investors, professionals, entrepreneurs, and families, the Premium Residency program stands as a flagship initiative in Vision 2030's transformation journey. FAQs: What is Saudi Premium Residency? Saudi Premium Residency is a long-term residency scheme that allows eligible foreigners to live, work, own property, and run businesses in Saudi Arabia without needing a local sponsor. When was the Premium Residency program launched? The initiative was launched in 2019 under Vision 2030, with new variants and reforms introduced in 2022–2023 to increase its appeal to investors and skilled professionals. How many people have applied for it so far? More than 40,000 people have applied for the residency program between early 2024 and mid-2025, according to Saudi Gazette. What are the types of Premium Residency available? There are multiple categories, including investor, entrepreneur, real estate owner, skilled professional, and exceptional talent residencies. Each has specific requirements and benefits. What are the key benefits of Premium Residency? Residents can sponsor their family, own real estate (except in Mecca and Medina), obtain work permits, move freely across the Gulf, and are exempt from the sponsorship (kafala) system.
Time of India
09-07-2025
- Business
- Time of India
Why more startup founders are moving to the Gulf
Entrepreneurs from India, Europe, Africa, and the US are increasingly choosing Gulf cities like Dubai, Riyadh, and Doha to launch and grow their ventures/Representative Image TL;DR: Founders of startups are increasingly moving away from Europe, Asia, Africa, and North America to the Gulf. The major draw factors are tax-free salaries, complete foreign ownership, and long-term residency Government-facilitated accelerators, incubators, and sovereign funding provide a speedy route to expansion. Infrastructure, security, and family-friendly settings render the area attractive for founders and staff. Drawbacks are the cost of living, quotas for hiring, and changing regulatory landscapes but the push goes on. A Shift in Entrepreneurial Gravity Historically, would-be entrepreneurs flocked to the comfort of well-known centres such as Silicon Valley or London. But more and more, they're flocking to Gulf cities instead, including Dubai, Abu Dhabi, Riyadh, Manama, and Doha. It's no coincidence that this is happening, it's the result of a deliberately crafted makeover of the Gulf as a global startup corridor. What's Drawing Founders There? Business‑Friendly Tax and Regulatory Environment: The Gulf has no personal income tax, good corporate tax regimes, and complete foreign ownership across most sectors. Free zones and accelerator zones make setup, banking, and licensing easy. Long‑Term Residency Without Employer Ties: Initiatives such as the UAE Golden Visa and Saudi Premium Residency enable founders to remain for years, even decades without typical sponsorships. Access to Capital and Sovereign Support: VC firms such as BECO Capital, STV, and Shorooq, along with sovereign initiatives like Saudi's SVC and ADGM's innovation hub, are powering a rising investment wave. Founders now have direct access to capital and launchpad grants, especially in deep tech and climate tech. Regional Launchpads and Scale-Up Potential: With strong infrastructure, Gulf-based startups can easily expand into Africa, South Asia, and Europe via nearby flights. This proximity and market access are hard to replicate elsewhere. Hands-On Government Engagement: Gulf governments are not mere regulators; they are ecosystem enablers. Hub71 in Abu Dhabi, Monsha'at in Saudi Arabia, Qatar's Digital Valley, and Bahrain's incubators offer subsidised housing, workspaces, mentoring, and funding assistance. Secure, High‑Standard Lifestyle for Founders and Families: Most founders point to robust infrastructure, security, education, and multi-cultural society. According to one founder, it took only weeks to establish in Dubai with minimal red tape and great quality of life conditions. Who's Moving and Why Does It Matter? Founder migration is in waves. Asians, Africans, and Middle Easterners are moving in large numbers to grow regionally. Western tech entrepreneurs, particularly in climate tech or AI, view the Gulf's mega-projects (such as NEOM) as fertile ground to pilot and apply their solutions. To illustrate, many Indian startup groups have relocated to Dubai, attracted by ease of establishment, closeness to market, and facilitative policy environment. Dubai Chambers consequently registered more than 12,000 new non-Emirati businesses in 2024 alone. Egyptian startups faced with internal economic challenges such as a currency crash and legal ambiguity are also migrating to Saudi Arabia, attracted to stability and certainty of the Gulf's frameworks. Fintech, healthtech, AI, logistics, climate-tech, and edtech founders get the most spotlight and favor. Gulf governments are coordinating startup targeting with national development plans and giga-projects. Real Challenges Ahead The benefits bring realities: High cost of living, particularly in high-end regions Hiring quotas and nationalisation policies (e.g., Saudization) that may impact team makeup Regulatory complexity in areas such as healthcare, crypto, or fintech, simplified but not necessarily straightforward Investor restraint in initial phases beyond UAE and KSA Founders have to balance these considerations, but most tolerate the compromises for access to capital, residence, and scale. Scaling Through Coherence The startup ecosystem in the Gulf is transforming through ordered specialisation: Dubai and Abu Dhabi are emerging as fintech and AI hubs Riyadh is backing industrial, digital infrastructure and deep tech entrepreneurs Qatar is leveraging its FIFA and Expo legacies in sport-tech and mobility solutions Bahrain is sowing fintech and regtech innovation, frequently piloting from its less burdensome regulatory regime This collaborative strategy forms a cohesive regional corridor and provides founders with multiple points of entry tied to sector strength. A Region in the Middle of a Transformation Even with global investment slowdowns, the Gulf's startup economy is on the rise. The region's entrepreneurial pace is supported by sovereign capital, strategic intent, and a coherent ecosystem blueprint according to the 2025 Global Startup Ecosystem Report. Whether you're an emerging founder, tech investor, or policy nerd, it is evident that the Gulf is no longer a fringe participant, it's at the centre of the global startup narrative. FAQs Q. What is driving startup founders to move to the Gulf? They are attracted by low or zero taxes, quick and agile company formation, venture funding access, long-term residency opportunities, and strategic access to growth markets in Africa, South Asia, and Central Asia. Q. Which nations are driving this movement? The UAE and Saudi Arabia are currently leading in securing founders. Bahrain and Qatar also have active startup hubs through less regulation and focused sectoral approach. Q. What type of assistance do governments provide to startups? From subsidised office space to founder grants and innovation hubs like Hub71 (UAE) and Monsha'at (Saudi), governments actively assist founders in scaling up their businesses at pace. Q. Which are some of the priority areas being targeted by Gulf countries? Fintech, AI, healthtech, climate-tech, logistics, and edtech are some of the priority areas. Startups linked to sustainability objectives and smart infrastructure are being supported the most.
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.
