Riyadh – Sharikat Mubasher: Saudi Minister of Investment Khalid Al-Falih announced that over 1,200 foreign investors have obtained Saudi premium residency in less than a year after launching the program.

The Minister added that the premium residency in the Kingdom makes foreigners feel as if they are in their home countries.

Al-Falih made his statement during his participation in the World Investment Conference in Riyadh which brings together 2,500 investors from 30 countries around the world.

Commenting on the unprecedented success of the Saudi Vision 2030, Al-Falih stated that investment flows have now tripled after the launch of the vision.

He said: “The rate of the gross domestic product (GDP) recorded an increase of 70%, reaching $1.1 trillion during the same period”. The Minister also noted that half of this rate comes from non-oil sectors.

In January 2024, the Kingdom updated its Expatriate Residency Law, allowing investors and talents to get a premium residency.

Crucially, the premium residency provides its holders with 10 advantages, including premium residency for family members and exemption from paying expat and dependents fees.