Saudi Arabia expands ‘Investor Visitor’ e-visa service to all countries

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RIYADH, Saudi Arabia, Nov 6, (Agencies): Saudi Arabia has rolled out the second phase of its “Investor Visitor” e-visa service, eliminating the need for international investors to physically visit a Saudi embassy for visa applications. This expansion extends the service to include all countries worldwide, as reported by the Saudi Press Agency and allows for multiple entries with a validity period of up to one year. Some applicants may receive immediate approval, making it easier for them to explore investment opportunities in the Kingdom.

This move aligns with Saudi Arabia’s Vision 2030 initiative, focusing on improving the investment environment and streamlining business activities. Mohammed Abahussain, Deputy of Integrated Investors Services at the Ministry of Investment, explained that the electronic visitor visa can be applied for through the ministry’s platform. The application process is managed digitally, and visas are issued through the unified national visa platform of the Ministry of Foreign Affairs, eliminating the need for in-person visits to Saudi missions abroad for biometric data collection.

The expanded eligibility criteria include individuals from countries listed on the “Invest in Saudi Arabia” platform, those holding valid tourist or business visas from the US, the UK, or Schengen countries, and those with permanent residency in the US, the UK, or EU countries. Additionally, individuals with valid residency for a minimum of three months in the Gulf Cooperation Council countries and entities licensed by the Ministry of Investment for three immediate visas per year can also benefit from this service.

The Kingdom has experienced a significant surge in foreign investment licenses, with over a 135 percent increase, reaching 2,192 permits during the third quarter of 2023. This is part of Saudi Arabia’s efforts to attract global businesses to establish operations in the country. The Ministry of Investment reported an increase of 1,261 visas compared to the same period in 2022, excluding permits issued under the “Tasattur” anti-concealment campaign.

In the second quarter of 2023, direct foreign investment in the Kingdom increased by 0.6 percent compared to the previous quarter, as indicated in the ministry’s report for November 2023. Total fixed capital formation also saw a 7 percent increase in the second quarter of 2023, driven by growth in both government and non-government sectors.

The report further revealed that the capital of newly licensed factories in 2023 experienced a remarkable growth of 215 percent in the second quarter, thanks to efforts to enhance industrial competitiveness, boost local content value, and support locally manufactured products.

However, foreign trade faced a 3.1 percent decline in the third quarter of 2023, leading to a 55.4 percent decrease in the trade balance during the same period, primarily due to a 31.8 percent decrease in total exports.

Data also showed that government revenues in the third quarter of 2023 reached approximately SR258.5 billion ($68.93 billion), marking a 14.4 percent decrease on an annual basis, while government expenses totaled around SR294.3 billion in the third quarter, representing a 2.3 percent increase on an annual basis.

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