Saudi Green Card to generate $10 bn in revenues
The system is expected to generate around $10bn annually through reduced remittances, while bringing in billions of dollars in foreign investment
The Saudi Shura Council will take a closer look at the Saudi Green Card proposal as soon as other government bodies study it, several members of the consultative body told Arab News.
Deputy Crown Prince Mohammed bin Salman announced sweeping reforms on Monday including how the new residence system would be introduced for Muslims and Arabs within the next five years as a source of revenue.
Fahd bin Juma'a, a member of the special committee set up to discuss the Vision 2030, said the deputy crown prince was expected to hold a special meeting with committee members about the details of the new economic plan, Arab News reported.
Awad Al-Assiri, a Shura Council member, added that the plan would be discussed at the body's full sessions - in the same way other legislation is studied before being passed to the Cabinet for approval.
The system is expected to generate around $10bn annually through reduced remittances, while bringing in billions of dollars in foreign investment.