Saturday 20 July 2019 ,
Saturday 20 July 2019 ,
Latest News
  • No way to treat corruption differently: Quader
  • US to stand strong resolving Rohingya crisis
  • Leave of DNCC staff cancelled
  • Sheikh Hasina was arrested to halt democracy: Hasan
  • Moderate tremor jolts Dhaka
25 June, 2019 00:00 00 AM
Print

Saudi launches special residency scheme to boost revenue

AFP, Riyadh

Saudi Arabia yesterday launched a new special residency scheme aimed at luring wealthy expats as the petro-state seeks to boost non-oil revenue.

The scheme offers a permanent residency for 800,000 riyals ($213,000) and a one-year but renewable residency costing 100,000 riyals (27,000), according to the online portal for registrations.

The scheme will allow expats to do business without a Saudi sponsor, buy property and sponsor visas for relatives, the website said.

Analysts say the programme will largely benefit wealthy Arabs who have lived in Saudi Arabia for years without permanent residency or multinational companies seeking to do long-term business in the kingdom.

The move appears aimed at boosting non-oil revenue as the kingdom seeks to diversify its economy.It was approved by the Saudi cabinet last month, but the portal began accepting applications on Sunday.

Saudi Arabia is currently home to some 10 million overseas workers, many of whom are subjected to what labour activists describe as restrictive residency rules.

Expat workers are typically sponsored by a Saudi employer and are required to get visas to exit and enter the kingdom.

Saudi Arabia has seen a strong exodus of foreign workers in recent years amid rising costs after the government imposed fees on dependents and restricted foreigners from working in certain sectors.

The kingdom is also in the midst of an intensifying crackdown on illegal workers that has seen hundreds of thousands expelled over the past two years.

 

Comments

Poll
Today's Question »
State minister for power Nasrul Hamid yesterday said everyone to have access to electricity by June. Do you think the feat achievable by the timeframe?
 Yes
 No
 No Comment
Yes 48.7%
No 47.3%
No Comment 4.0%
Most Viewed
Digital Edition
Archive
SunMonTueWedThuFri Sat
010203040506
07080910111213
14151617181920
21222324252627
28293031

Copyright © All right reserved.

Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Disclaimer & Privacy Policy
....................................................
About Us
....................................................
Contact Us
....................................................
Advertisement
....................................................
Subscription

Powered by : Frog Hosting