Our recent immigration update from Julia Onslow-Cole focused on how the Kingdom of Saudi Arabia continues to make remarkable strides in attracting global business and talent.
There are several key developments reshaping its immigration landscape:
Regional Headquarters Initiative Exceeds Targets
The Kingdom's ambitious plan to establish itself as a regional business hub has surpassed expectations. Originally targeting 500 companies by 2030, Saudi Arabia has already attracted 517 regional headquarters by October 2024. Companies establishing regional headquarters enjoy significant benefits:
- 10-year exemption from Saudization requirements
- Permission to employ foreign nationals in traditionally restricted roles (like HR)
- Unlimited work visa quotas
To qualify, companies must:
- Employ a minimum of 15 staff (including 3 senior executives)
- Focus on non-commercial activities (finance, HR, marketing)
- Maintain separate commercial entities
Premium Residency Program Evolution
Saudi Arabia has launched an enhanced premium residency program targeting individual talent, similar to UAE's golden visa scheme. Key features include:
- Exit/entry visa exemptions
- Property ownership rights
- Enhanced dependent privileges
- Special talent category options
Mega-Project Progress
While some projects like NEOM (an area 31 times the size of New York City) have seen strategic pacing adjustments, other giga-projects continue advancing rapidly. The region is experiencing:
- High demand for international schools
- Housing pressure due to increasing expatriate populations
- Continued investment in infrastructure
For global mobility professionals, these developments present both opportunities and challenges. Companies operating in Saudi Arabia should particularly focus on developing clear policies around the new premium residency program, as it may impact talent retention and mobility strategies.
The pace and scale of transformation in Saudi Arabia continue to make it one of the most dynamic markets for global mobility professionals to watch in 2024.
You can access the complete update here.
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