Saudi Arabia woos foreign workers with new residency scheme | Financial Times:
Saudi Arabia has approved a new residency scheme to attract skilled foreign labour to help implement an economic reform programme aimed at reducing the kingdom’s dependence on oil.
The law, which was passed by the consultive Shura Council this month and announced by the cabinet on Tuesday, would offer two types of residencies: one would be permanent while the other could be renewed annually. The government will publish details of the new rules within 90 days.
“Our aim is to attract innovators from across the world to live and work in Saudi Arabia — and this reform will play a significant role in doing so,” Ibrahim Al Omar, governor of the Saudi Arabian General Investment Authority, said. “These investors and entrepreneurs will help to drive private sector growth, which is needed to realise the ambitious goals set out in Saudi Vision 2030.”
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