Saudi Arabia approves permanent residency for first time
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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.
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Officials say they hope the decision will attract more investors and entrepreneurs to Saudi Arabia to help drive private sector growth and expand employment opportunities for Saudis.