According To Bloomberg - Saudi Arabia Says Landmark Residency Plan Will Bolster Economy
Saudi Arabia approved a program that offers permanent residency for some foreigners to attract investments, the latest sign of how the quest for non-oil revenue is prompting Gulf Arab countries to rethink the role of expats in their societies.
Under the law, which allows foreigners to own property, those eligible can apply for an indefinite stay or a one-year renewable residency, according to the official Saudi Press Agency. The government will detail the program’s rules within 90 days