Daijiworld Media Network

Riyadh, May 9: Aiming to attract investors, Saudi Arabia’s Shura Council, a quasi-parliament, has approved a plan to introduce a Green Card-style residence system for foreigners, Saudi media reported on Thursday.

As an exception from the present system, the new “privileged iqama” system ensures eligible residents a set of rewards including rights to recruit workers, own property and means of transportation as well as leaving and return to the kingdom without the need for permission from a sponsor.

The “privileged iqama” system, offered for specific fees, ensures eligible residents a set of advantages including rights to recruit workers, own property and means of transportation as well as leaving and return to the kingdom without the need for permission from a sponsor as is the case now.

The new iqama holders will also be privileged to use the processing service designated for Saudis at airports.

With two categories, permanent and temporary, the new system will be given to the eligible residents with a valid passport, adequate financial resources and above 21 years of age , Saudi television Al Arabiya reported.

They should have no criminal records and obtain medical reports proving they suffer no contagious diseases. However, the officials have not yet disclosed when the “privileged iqama” system will take effect.

The Shura Council is made up of 150 members, all are appointed by the king. According to the council’s system, approved proposals and laws are referred to the king, who also heads the cabinet.

In 2016, Saudi Crown Prince Mohammad Bin Salman said in an interview with Bloomberg that the kingdom is planning to devise a Green Card-style residence system for expatriates that will inject billions of dollars into the national economy.