Spain is seriously considering granting permanent residency to Saudi businessmen and investors in a move aimed at attracting more investments from the Kingdom.
Revealing this, President of the Saudi-Spanish Council Abdullah Al-Rasheed said Spain may benefit from such a move since it could help the country in tiding over the difficult economic times it is facing.
He said the matter came up at a council meeting between the two sides when many Saudi investors expressed the desire to be granted permanent residency in Spain. The Saudi businessmen evinced particular interest in investing in real estate, industry and contracting.
Stating that the Spanish side welcomed the idea, Al-Rasheed, who was addressing Saudi businessmen at the Eastern Province’s Chamber of Commerce, said the government would consider the request which will be endorsed and approved in the next step along with other attractive packages that were announced earlier. These include granting permanent residency to Saudis who own properties in Spain worth more than 380,000 euros.
Al-Rasheed said he expected the Saudi request to be approved ahead of the council meeting in Madrid on Sept. 18. The meeting will be attended by over 70 Saudi businessmen, mostly representatives of the Saudi-Spanish Council, and they will explore investment opportunities in Spain, particularly in sectors such as real estate, contracting, industries and petrochemicals.
