The Chairman of Asharqia Chamber, Abdul Hakim bin Hamad Al-Ammar Al-Khaldi, praised the decision of the Council of Ministers that issued on Tuesday, May 14, 2019 on the approval of the special residence system, which gives the residents of the Kingdom special advantages, whether those related to freedom of movement or ownership or other features.
He considered it a system that will support the national economy and comes within the context of diversification launched by the Vision of the Kingdom of 2030 to diversify the economic base and promote investments.
He added, “The application of the distinctive residency system enhances the market’s attractiveness and increases its competitiveness, as it attracts the owners of capital and highly skilled and innovative and distinct.”
It also supports the efforts of the Kingdom in reducing trade concealment, reduces the rates of remittances abroad and encourages spending and investment locally.
It creates a more stable business environment for expatriates and their families, which in turn benefits the national economy as a whole.
Al-Khaldi pointed out that the implementation of the system will be reflected positively on the real estate market in the Kingdom as granting the owners of the distinctive residence the ability to own real estate, and thus added a new purchasing chip to the real estate market that can undoubtedly contribute to moving the wheel of the real estate market in the Kingdom.
In addition, the system allows residents to do business in the Kingdom, which represents new funds pumped into the folds of the national economy rather than transferred abroad.
He pointed out that such a kind of residences is applied in many countries and is a step in the right direction.
Al-Khaldi sends his gratitude to the Custodian of the Two Holy Mosques King Salman Bin Abdul Aziz and his Crown Prince Mohammed bin Salman for their efforts to build a diversified and sustainable economy.
Source: Asharqia Chamber