Saudi Arabia's Big Plan to Attract Wealthy Visitors

Saudi Arabia is thinking about making its premium residency program bigger. This program is meant to bring in more money and visitors. The goal is to make the country less dependent on oil and more open to different kinds of people. Right now, the program is for certain high-earning professionals. These include executives making over 80, 000 riyals a month and specialized health and science workers making over 35, 000 riyals a month. But the country wants to include more people. This could mean superyacht owners, buyers of luxury real estate, and top students. The idea is to make Saudi Arabia more appealing. The country is building big projects like the $60 billion Diriyah development in Riyadh. People who buy property there might get premium residency. This would let them live, work, and bring their families into the country without needing a visa.Saudi Arabia is also trying to attract visitors to its new luxury Red Sea resorts. Offering residency to superyacht owners could be a way to do this. The country is already allowing non-Saudis to own property in certain areas. This is part of a bigger plan to make the country more open to foreigners. Last year, Saudi Arabia made some big changes. It allowed non-Muslim premium residents and high-earners to buy alcohol. This is a big deal for a country that was once very conservative. The changes show that Saudi Arabia is trying to become more modern and attractive to foreigners.