Arab Press

بالشعب و للشعب
Friday, Oct 03, 2025

'Organizing PRC a right step in empowering economy'

'Organizing PRC a right step in empowering economy'

Minister of Commerce Dr. Majed Al-Qasabi said that the Council of Minister’s approval to organize the Premium Residency Center (PRC) is a right step that would contribute to empowering the Kingdom’s national economy by attracting distinguished persons, talents and capital. The weekly session of the Cabinet, chaired by Custodian of the Two Holy Mosques King Salman on Tuesday, approved the organization of the PRC.
While welcoming the measure, Minister of Investment Khaled Al-Faleh said that the Cabinet decision is an important step toward attracting foreign investors and enhancing the attractiveness of the investment environment in the Kingdom. This will contribute to the growth and expansion of investment, as well as to boost the efforts to attract distinguished capabilities and persons with creativity of global standard, he said.

Foreign nationals can obtain permanent residency or limited-term residency without a sponsor through the Premium Residency Program. There are three simple steps for getting issued the Premium Residency - filling out the application in the prescribed format and payment of the fee for processing the application; studying the application in terms of reviewing the applicant’s data and attached documents, analyzing and processing the request; and then issuing the Premium Residency after ensuring that there is a valid medical insurance and that the fees have been paid for the type of residence required.

There are two types of Premium Residency: permanent and temporary. A permanent Residency Permit comes at a cost of SR800,000 while the temporary Residency Permit is available at a cost of SR100,000 and can be renewed annually.

The proof of solvency is a condition for obtaining the Premium Residency, and it is intended to prove the ability to meet the financial and living obligations and requirements in the Kingdom. The criteria for financial solvency vary according to the status of each applicant, and they are proven by submitting income and investment documents or any financial resources and assets.

There are specific conditions that must be met. These will focus mainly on the applicant’s ability to invest financially in the country as well as the capacity to create employment for Saudi nationals, thereby adding more value to the economy.

The Premium Residency Scheme allows skilled foreign residents and financiers to invest, run a business, self-sponsor and travel freely in and out of Saudi Arabia. It also provides a host of special economic and personal privileges such as the right to obtain residency visas for family members and sponsor visit visas for relatives. In addition to offering permanent residency in Saudi Arabia, the Premium Residency visa permits expats to use airport lanes dedicated to Saudi nationals and to employ domestic workers such as housemaids.

The special advantages also include conducting businesses in accordance with the Foreign Investment Law, owning residential real estate and benefiting from real estate in Makkah and Madinah, owning private means of transportation, and freedom to leave Saudi Arabia and return to it on their own.

The applicant must be at least 21 years of age with a valid passport. He has to submit proof of a clean criminal record with no precedents as well as to provide proof of financial solvency, submission of an updated health report of being free from contagious diseases. The date of the health report does not exceed six months from the date of application. The applicant’s residency status must be legal if he is applying from within the Kingdom.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
UK, Canada, and Australia Officially Recognise Palestine in Historic Shift
Dubai Property Boom Shows Strain as Flippers Get Buyer’s Remorse
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
UAE-US Stargate Project Poised to Make Abu Dhabi a Global AI Powerhouse
Saudi Arabia cracks down on music ‘lounges’ after conservative backlash
Saudi Arabia Signs ‘Strategic Mutual Defence’ Pact with Pakistan, Marking First Arab State to Gain Indirect Access to Nuclear Strike Capabilities in the Region
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
Kuwait opens bidding for construction of three cities to ease housing crunch.
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
Could AI Nursing Robots Help Healthcare Staffing Shortages?
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Tether Expands into Gold Sector with Profit-Driven Diversification
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
×