Green cards reserved for foreign investors, says Saudi official

Only foreign investors and highly qualified experts among expatriates will be eligible for green cards issued in Saudi Arabia, Arab News reported, citing a senior member of the kingdom’s Shura Council.

Related ministries are in the process of studying the procedures for granting permanent residency to foreigners and regulations will be announced soon, said Fahd bin Jumaa, vice president of the consultative body’s economic committee.

“The green card will attract foreign investment to the Kingdom. Many expatriates will take advantage of the new program. At the same time, the Kingdom will benefit from the fees paid by expats to have a green card,” he added.

The government is exploring the idea of implementing the immigration measures which are similar to the US green card program. The program could potentially generate an additional $10 billion a year, according to recent estimates.

The green card program will abolish the existing sponsorship system, and allow card-holding expats to own property and undertake business activities.

Saudi Arabia is currently home to over 10 million foreign workers, according to the country’s Central Department of Statistics and Information.