New residency permit to promote competition, investment: Minister of Commerce

Majid al-Qasabi said Saudi Arabia's new residency permit "will limit commercial concealment and help us build a realistic economy." (File photo: Reuters)

Saudi Minister of Commerce and Investment Majid al-Qasabi said that the new Green Card-style “Privileged Iqama” residency permit that was recently approved by the Kingdom’s cabinet will reinforce competition and enable the Kingdom to attract investors with distinctive qualifications.

Al-Qasabi also said that the special residency permit will help limit commercial concealment, noting that the latter’s rate in the Kingdom increased by 46 percent in the first quarter this year.

Acts of commercial concealment include enabling non-Saudis to invest in restricted activity by using someone else’s name or commercial register.

“This will enable non-Saudis to practice their work according to the systems available in the government. It will allow them to invest and buy residential, commercial, and industrial property,” al-Qasabi said.

“Investors will hence be registered in the commercial community. This will limit commercial concealment and help us build a realistic economy,” the minister added.

Al-Qasabi also said that the newly approved residency permit is an international practice, and by adopting it, the Kingdom is aiming to attract a certain kind of investor.

“We are aiming for a certain kind of holders of this residency, so that they provide a special input which does not compete with Saudi men and women. [The holders of this residency] will thus be a great addition to the country, God willing,” he added.

Last Update: Wednesday, 20 May 2020 KSA 09:55 - GMT 06:55