Saudi mulls Green Cards

Riyadh : Plans are on the anvil to introduce ‘Green Card’ for foreign investors in Saudi Arabia, a top Saudi official said. 

Fahad al-Skeit, head of the Local Content and Private Sector Development Unit at the Council of Economic Affairs and Development told this to al-Hayat Arabic Daily, said a report by Al Arabia. 

The move, if approved, will be announced soon, he was quoted as saying in the report. 

The eligibility criteria, according to the report, will be based on “scientific skills or professional qualities that are not abundantly available in the Kingdom or they should be company owners who can invest in the country.”

The report quoting him also talked about a mega privatisation plan which is expected in a major way to fuel Vision 2030 plan. 

He said the availability of the card would be limited due to such criteria, and also because foreigners are able to obtain a Saudi investment license.

Al-Skeit said: “It was announced earlier that SR200 billion would be injected so as to stimulate the private sector during a four-year period. In this connection, 17 initiatives will be launched. The SR72 billion infusion is part of the SR200 billion.”

He added: “Among the fields we have focused on in the first plan is to upgrade efficiency and technology. There are important investments initially in order to raise the level of efficiency and technology in the private sector, in fields like telecommunications and energy efficiency. What is more important is to enhance the participation of small- and medium-sized enterprises (SMEs), as we have studied in several workshops the obstacles facing SMEs.”