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:
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:
To qualify, companies must:
Saudi Arabia has launched an enhanced premium residency program targeting individual talent, similar to UAE's golden visa scheme. Key features include:
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:
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.