Saudi Arabia offers ‘instant’ visas allowing entrepreneurs to set up new businesses – The National

Saudi Arabia offers ‘instant’ visas allowing entrepreneurs to set up new businesses – The National

Saudi Arabia offers 'instant' visas allowing entrepreneurs to set up new businesses. The new scheme aims to support Saudisation and accelerate growth of non-oil private sector in the kingdom. Saudi Arabia will grant "instant" work visas to entrepreneurs setting up businesses in the kingdom as part of government efforts to boost non-oil private sector growth and create jobs for nationals.. The instant visas will be granted to businesses established in the past six months and according to the type of commercial activity, the ministry said.. Saudi Arabia, Opec's top oil producer, is transforming its economy to reduce dependence on oil revenues under its overarching Vision 2030.. Development of the private sector and an expansion of the non-oil industrial base are at the heart of Riyadh's diversification efforts.. The International Monetary Fund in January said it expects the kingdom's economy to expand by 1.9 per cent in 2020, up from an estimated 0.4 per cent last year.. The fund lowered its earlier 2.2 per_cent GDP growth forecast due to oil production cuts agreed by the Opec+ group of oil producing countries led by Saudi Arabia and Russia.. The new visa service was developed after the ministry conducted extensive studies to determine