The Kingdom of Saudi Arabia is all set to lift stringent visa requirements so that it would attract foreign investors to set up shop in the country as the country is looking at investments other than oil.
Majid Al Qasabi, Commerce and Investment Minister, was quoted as saying on 9 June that a procedure to issue visas to investors more rapidly would be announced shortly. According to him, the presence of a quick procedure to obtain a visa was necessary. This was announced by Al Qasabi during a press conference in Jeddah, during which ministers were presenting a multi-year plan to give the economy a makeover.
This is a measure by Saudi Arabia, the largest exporter of oil in the world, which is striving to increase its foreign direct investment (FDI) in non-fuel sectors to offset the effect of the decline in crude oil prices. Currently, Saudi Arabia is on the 82nd rank among countries in the World Bank’s Doing Business index.
If you are thinking of migrating to Saudi Arabia to invest in a business there, contact us at Y-Axis for getting advice and assistance for filing for a visa. We have 17 offices spread across all major cities of India.