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New Updates for Saudi Premium Residency: A Move Towards Economic Empowerment and Entrepreneurship

The Shoura Council recently convened to discuss and update regulations concerning premium residency, aiming to streamline the process and enhance its economic impacts. Chaired by Deputy Chairman Dr. Meshaal Al-Sulami, the session focused on several key directives.


Firstly, the Council emphasized the need to gather comprehensive data on eligible candidates for Saudi premium residency, facilitate their nomination process, and promote premium residency products across various sectors, including governmental, private, and non-profit.


Saudi Premium Residency

Furthermore, directives were issued to collaborate with relevant authorities in developing indicators to measure the economic and investment impacts of premium residency programs. These indicators will be periodically updated to ensure their relevance and accuracy.


During the session, the Council reviewed the annual report of the Premium Residency Center for the fiscal year, taking into account insights from its Commerce and Investment Committee. It tasked the committee with refining operational policies and mechanisms to align premium accommodation products with target groups and national strategies.


Additionally, the Council instructed the Commerce and Investment Committee to conduct studies in collaboration with the Ministry of Human Resources and Social Development to empower government employees interested in entrepreneurship. This includes exploring avenues for granting entrepreneur licenses and reviewing legislative tools to align with best practices.


Moreover, coordination with relevant authorities such as the General Authority for Statistics and the Saudi Data and Artificial Intelligence Authority was emphasized to continuously update statistical data, supporting enterprises and entrepreneurs in boosting productivity.


Lastly, efforts will be made to develop sustainable policies enabling small and medium enterprises to contribute to major project supply chains, aligning with approved national strategies.


In summary, the Shoura Council's directives signal a proactive approach toward enhancing economic empowerment and entrepreneurship through updated regulations and strategic collaborations.


 

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