Saudi approves permanent residency for first time

Vastavam web: The Saudi government has approved for the first time a scheme that gives permanent residency to certain expatriates, allowing them to own real estate in the kingdom and reside with their families without a Saudi sponsor. The decision, approved by Saudi Arabia’s Cabinet and announced on Wednesday, is aimed at attracting long-term investments as the government tries to diversify the economy and boost domestic spending. The “Privileged Iqama” system will offer a permanent residence scheme and one that can be renewed annually to highly skilled expatriates and owners of capital funds. Further details and rules about the program are not yet announced.