A few days ago, the Saudi government approved the regulations governing foreign ownership, which include many incentives to encourage investment in the Kingdom. This is a significant development step in line with Vision 2030. It also falls within the strategy of some Gulf Cooperation Council (GCC) countries, starting with the United Arab Emirates, then Oman and now Saudi Arabia and Bahrain, which allowed foreigners to own real estate, companies and other investments that were previously restricted to citizens.
This step is not just about investing money in Saudi Arabia, as it aims to invest in capabilities and innovations that strengthen the economy. It aligns with developed countries that attract talent to bolster their strength in scientific, financial, economic and other fields. These countries are acquiring added value that serves their future. Accordingly, these countries grant citizenship to doctors, engineers, businesspeople and many others with university degrees. Some countries provide them with housing and employment, and also entice investors to invest within their borders.
These countries attract skilled professionals and expertise, as Germany and others have done. This is why we find many highly qualified scientists and investors immigrating to the United States, Canada, Britain, France, Germany, and other European and western countries that warmly welcomed them. Some countries like Ecuador even focused on attracting retirees. This underscores the tendency of countries to attract the talented. As the saying goes, “Give me money to buy minds rather than giving mind to sell.”
Countries do this when they invest by buying or attracting talent. We have seen this in the thousands of qualified Arabs who immigrated to European and other countries where they were offered advantages and incentives unavailable in their own countries, which suffer from outdated laws. In Africa, many scientists have left their countries for other nations that recognized their value, so they have become some of the world’s most renowned scientists. Despite the harshness of what I just described, it reflects the reality in some countries. For years, some Gulf states have been adopting a policy of investing in human capital, not just money.
In spite of the difficulties caused by the recent war, some Gulf countries managed to overcome the crisis, thanks to the skilled minds and substantial non-citizen investments. The United Arab Emirates, Saudi Arabia, Bahrain, Qatar and Oman have all recovered and are thriving once again. Governments target the future by preparing the present through a series of advanced legislation that promote investment for future generations, support the economy, and solidify social stability. Without this, nations regress.
