Jobs in Saudi Arabia: In an effort to draw in investment and qualified workers, Saudi Arabia has introduced new residency programmes as it moves forward with its strategy to shift its economy away from fossil fuels. According to a release, “the initiative aims to further drive the country’s economic transformation by fostering knowledge transfers and creating employment opportunities.” The five new premium programmes are designed with experts in the real estate, sports, and healthcare industries in mind, among other sectors.
Living and Working Opportunities
They will provide holders with chances to live and work in Saudi Arabia, as well as to own property, engage in business, and get work permits for themselves and their family members. The action is a component of Crown Prince Mohammed bin Salman’s Vision 2030 economic reform strategy, which also aims to draw billions in foreign direct investment in order to wean Saudi Arabia’s economy off its oil dependence.
Competition with the UAE
It also coincides with escalating competition between it and the nearby United Arab Emirates (UAE) to become the centre of commerce and business in the area. Incentives like the “golden visa” scheme have recently been implemented by UAE authorities, and Dubai last year established a “family wealth centre” to assist affluent individuals and companies with cultural and governance-related concerns.
What is Golden Visa
A long-term residency visa known as the UAE Golden Visa enables talented foreigners to dwell, work, or study in the United Arab Emirates. It is also referred to as the Dubai Golden Visa at times.
Holders of a UAE Golden Visa are permitted to live in the country for five or ten years. If you own a project, the minimum cost to get a Golden Visa to the UAE is $136,000. If foreigners purchase real estate or acquire public investments, they must pay $545,000.
The UAE Golden Visa is reserved for highly qualified individuals with active work contracts in the UAE. The work must fit into one of the first or second occupational levels.
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