RIYADH, Saudi Arabia – International investors can now apply for visas to Saudi Arabia entirely online, as the Kingdom expands its e-visa service to include all countries worldwide.
The second phase of the “Investor Visitor” e-visa service eliminates the need for international investors to visit Saudi embassies to obtain visas. This move is part of Saudi Arabia’s ongoing efforts to attract foreign investment and streamline the process for doing business in the country.
The e-visa is valid for multiple entries and has a validity period of up to one year. Some eligible applicants may receive immediate approval, allowing them to explore investment opportunities in the Kingdom directly.
The expansion of the e-visa service includes 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 holding 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.
This move comes as Saudi Arabia has seen a surge of over 135 percent in foreign investment licenses, reaching 2,192 permits during the third quarter of 2023. The direct foreign investment balance in the Kingdom increased by 0.6 percent compared to the previous quarter, as shown in the ministry’s report for November 2023.
Total fixed capital formation experienced a 7 percent increase in the second quarter of 2023 annually, attributed to growth in both government and non-government sectors. The capital of newly licensed factories in 2023 grew by 215 percent in the second quarter due to efforts to enhance industrial competitiveness, boost local content value, and support locally manufactured products.
The Kingdom’s efforts to attract foreign investment and streamline business processes are part of its Vision 2030 initiative, which aims to diversify the economy and reduce reliance on oil exports.
