Search Al-Monitor

Search

 Newsletters Events
Logo Logo
The Middle Eastʼs leading independent news source since 2012

Search

Saudi Arabia bolsters expat incentives as war complicates efforts to lure foreign talent   

Foreign labourers work on the construction of new luxury houses in the Saudi capital Riyadh on April 13, 2019. - Housing is a potential lightning rod for public discontent in a country where affordable dwellings are beyond the reach of many, posing a key challenge for Crown Prince Mohammed bin Salman as he seeks to overhaul the oil-reliant economy. (Photo by FAYEZ NURELDINE / AFP) (Photo credit should read FAYEZ NURELDINE/AFP via Getty Images)
To:

Al-Monitor Readers

From:

Samuel Wendel

Senior Market Research Analyst, Al-Monitor

Date:

Jan. 21, 2024

Bottom Line:

From athletes to entrepreneurs, Saudi Arabia is dangling new incentives in 2024 to attract talented foreigners to settle in the kingdom. On Jan. 10, Saudi Arabia launched five new so-called “premium residency” categories aimed at the world’s elite expats, the latest salvo in the kingdom’s broader quest to raise up Riyadh to rival Dubai as the region’s premier business and trade hub (alongside securing the talent needed to power ambitious megaprojects). These new long-term visas are more affordable than existing options, but Saudi Arabia faces ongoing roadblocks to convincing foreign professionals and investors to relocate — not least of which is the unsettling specter of war creeping closer to its borders.