In a significant move, the Saudi Shoura Council has set its sights on updating the regulations governing premium residency within the kingdom. Led by Deputy Chairman Dr. Meshaal Al-Sulami, the council convened to deliberate on crucial updates aimed at streamlining the processes associated with premium residency.
One of the primary objectives outlined during the session was the refinement of data collection methods to identify eligible candidates for premium residency. Additionally, the council emphasized the importance of enhancing the marketing strategies surrounding premium residency products, encouraging participation from various sectors, be it governmental, private, or non-profit.
Furthermore, the council issued directives to collaborate closely with pertinent authorities in devising comprehensive indicators to evaluate the economic, functional, and investment impacts of premium residency initiatives. This collaborative effort aims to ensure that these indicators are regularly updated to reflect evolving dynamics accurately.
The decision to embark on this endeavor was prompted by the presentation of the annual report from the Premium Residency Center for the fiscal year 1444/1445 AH. Following a thorough review and discussion, the council’s Commerce and Investment Committee was tasked with refining operational policies and mechanisms to align with national programs and strategies endorsed by the council.
In a bid to support government employees aspiring to venture into entrepreneurship, the council instructed its Commerce and Investment Committee to conduct studies in conjunction with the Ministry of Human Resources and Social Development. These studies aim to explore avenues for empowering aspiring entrepreneurs, potentially including the issuance of entrepreneur licenses, while adhering to regulatory frameworks benchmarked against regional and global best practices.
Moreover, the council underscored the importance of data accuracy by urging collaboration with relevant entities such as the General Authority for Statistics and the Saudi Data and Artificial Intelligence Authority. Continuous updating and accessibility of statistical data are deemed essential in bolstering support for enterprises and entrepreneurs, thereby enhancing productivity and fostering growth.
Additionally, the council emphasized the need to cultivate sustainable policies and operational mechanisms that facilitate the integration of small and medium enterprises into the supply chains of major projects. This strategic approach aligns with the overarching goal of realizing the objectives outlined in national strategies approved by the council, underscoring a commitment to fostering a conducive environment for economic growth and development.
