Saudi Arabia to introduce expat 'green card' within five years

Saudi Arabia will introduce a "green card" system within five years to allow resident expatriates in the kingdom to have more rights in order to improve its investment climate, Deputy Crown Prince Mohammed bin Salman said on Monday. Speaking in a television interview, he said planned sweeping reforms, of which the proposed green card is one, will be implemented even if oil prices rise back above $70 a barrel and pledged to end Riyadh's dependence on crude revenue by 2020. The Saudi government on Monday approved a plan for vast economic reforms dubbed ‘Saudi Vision 2030’ to substantially reduce the Opec powerhouse’s reliance on oil, the official SPA news agency reported. The plan, details of which were to be announced later Monday, focuses on privatisations, further reductions in subsidies, the sale of part of state oil giant Aramco and the creation of a giant $2 trillion Sovereign Wealth Fund, SPA reported. Saudi Arabia's new "Vision 2030" reform plan will not require major spending but will involve restructuring, Deputy Crown Prince Mohammed bin Salman said, adding that spending on infrastructure projects would continue. Emirates247