Saudi Arabia has announced the criteria for two groups of entrepreneurs who qualify for its residency scheme aimed at attracting global talent. The scheme, part of the country’s broader economic reform initiatives, targets innovators and business founders. The first group includes individuals who have established successful businesses in sectors aligned with Saudi Vision 2030, such as technology, renewable energy, and healthcare. The second group consists of entrepreneurs with proven track records in international markets, particularly those with experience in high-growth industries.
The residency program offers long-term visas, access to government resources, and opportunities for collaboration with local institutions. Officials emphasized that the initiative aims to diversify the economy and reduce reliance on oil. Applications are currently open, with a focus on candidates who can contribute to Saudi Arabia’s economic transformation.
The program builds on previous efforts to attract foreign investment and skilled professionals. In 2022, Saudi Arabia launched similar initiatives to boost innovation and entrepreneurship. The current scheme reflects a strategic shift toward positioning the country as a global hub for business and technology. The government has also introduced tax incentives and simplified business registration processes to support new ventures.
