The Privileged Iqama scheme has been the talk of the town, after all, we have seen nothing like it before. It can prove to be a game changer for the kingdom.

The Privileged Iqama is mainly aimed at investors and affluent expatriates. The best part about the new iqama is that holders of this residency permit won’t even require a kafil (sponsor).

So what is in it for the kingdom? Well, this is what some of the leading economists of the country had to say.

Speaking to Al-Eqtisadiah, Saudi economist and Shoura Council member Fahd Bin Juma said “…these expatriates will invest within the country. It will enable them to employ Saudis. This is another goal and an economic added value with regard to investment or employment.”

#SaudiArabia‘s Shoura Council approves Privileged Iqama system for expatriate residents that aim to grant benefits to attract highly skilled expatriates and owners of capital funds. Benefits include ownership of property, freedom of movement and obtain visit visa for relatives. pic.twitter.com/4h4AG7lroI

Recommended

Famous Streamer ‘Agent 00’ Shares Heartfelt Experience Of Madinah’s Spiritual SerenityTurki Al Sheikh Celebrates 12 Million Riyadh Season Visits In Just 2 MonthsIt’s Peak Season! Prophet’s Mosque In Madinah Welcomes Over 6 Million Visitors In 1 Week!

— Saudi Projects (@SaudiProjectEN) May 8, 2019

Saudi Gazette has reported Dr. Ihsan Buhlaiqah, former member of the Shoura Council as saying “the new system will solve a number of cases in which investors resort to tasattur, causing great harm to the Saudi economy as a result of disorganised work and the existence of an owner just in name whereas the actual owner of these investments is someone else.”

Coming to the numbers that the country will benefit off this scheme, they stand at least SAR 100 billion in investments as per economist Khaled Al-Dhubay’i as reported in the Saudi Gazette.