It's been a few months since Saudi Arabia approved a green-card style residency scheme that allows "highly-skilled" expats to do business in the kingdom without the need for a local sponsor.
The premium residency has been granted to tens of foreigners from all around the world and the latest of them is non-other than business tycoon Yusuff Ali M. A. The Abu Dhabi-based businessman became the first Indian to get Saudi Arabia's coveted "green card" on Monday.
"This is obviously a very proud and humbling moment in my life. It is a great honor, not only for me but also for the entire Indian expat community, and I sincerely thank King Salman, Crown Prince Mohammed bin Salman and the government of Saudi Arabia," the managing director and CEO of the company that owns the Lulu Hypermarket brand said in a statement to Arab News.
"I am sure this new permanent residency initiative will further boost Saudi Arabia's image as one of the key investment and business hubs in the region in addition to attracting and retaining new investors here," he added.
Yusuff Ali is one of the most successful businessmen in the Gulf region and was dubbed the "richest expat in the UAE" by Forbes Magazine last year.
The man, whose assets amount to over $4.7 billion, is expected to use his premium residency to further expand his business in the kingdom and invest in its economy.
A premium residency in Saudi Arabia grants expats and their families long-term visas and privileges that were previously deemed off limits for non-Saudi nationals. These include freedom to exit and enter the kingdom without a sponsor's approval, being allowed to use lanes designated to Saudis at the kingdom's exit and entry points, and being able to apply for visas for relatives.
Another perk is ownership of real estate for residential, commercial, and industrial purposes (only allowed in areas outside Mecca, Medina, and border areas). Working at private establishments without the need for a sponsor is one of the most important benefits of the scheme. Expats are allowed to change jobs without the need to leave the country and return under the name of a new sponsor.
The residency scheme went into effect last year
Saudi Arabia's Premium Residency Center (SAPRC) granted 73 people "Premium Residencies" after they met the scheme's criteria last year.
The first batch of grantees included applicants living in the kingdom alongside a few who had applied from abroad. The individuals hail from 19 countries and work in various fields including investment, medicine, engineering, and finance.
The residency scheme was first announced by Saudi Arabia's Crown Prince Mohammed bin Salman in 2016. At the time, the royal said the country plans to issue permanent residency "Green Cards" for expatriates as part of the kingdom's Vision 2030.
It comes as part of the kingdom's aim to diversify its economy and is expected to generate major revenues. One way through which the kingdom immediately profits of the scheme is the fees related to the granting of premium residencies. For a permanent residency visa, applicants must pay 800,000 Saudi riyals ($213,000) while a one-year renewable residency costs 100,000 Saudi riyals ($26,667).
