Saudi Gazette JEDDAH — Saudi Arabia's Vision 2030 has brought about highly conducive investment-friendly environment and opened up plethora of opportunities for investors and businessmen from within the Kingdom and abroad, according to a prominent young businessman of Indian origin. Speaking to Saudi Gazette, Rahim Pattarkadavan, holder of Saudi Premium Permanent Residency, said expatriate businessmen and entrepreneurs are extremely upbeat at tapping the huge potential of almost all sectors, in particular tourism. "It is most gratifying and a matter of immense pride for me to be among the first two Indians to obtain the Premium Permanent Residency," he said. Yusuff Ali M.A, the Abu Dhabi-based Indian business tycoon and chairman and managing director of the retail giant LuLu Group, and Pattarkadavan were among a batch of 73 persons who obtained the Premium Residency, widely known as Saudi Green Card, issued in January. "It's an incredible honor to have this prestigious privilege in a country where I started living since early childhood. In the new scenario of much freer business climate, foreign entrepreneurs will feel confident about coming to Saudi Arabia to invest their money since they will have more control about how investments are used and managed," the 30-year-old business leader said. Pattarkadavan, the youngest expatriate who obtained the Premium Residency, is the CEO of Zahrani Group and managing director of Cluster Arabia Group. He thanked Custodian of the Two Holy Mosques King Salman and Crown Prince Muhammad Bin Salman, the architect of Saudi Vision 2030, for enabling expatriates to enjoy many of the privileges enjoyed hitherto by Saudis through introduction of Premium Residency. He had applied for the Permanent Premium Residency with unlimited duration, costing SR800,000 ($213,000), in May last year. The Premium Residency, a major component of Vision 2030, is a special residency permit that gives foreigners the right to live, work and own businesses and properties in the Kingdom without a sponsor. The Premium Residency scheme allows skilled foreign residents and financiers to invest, run businesses, self-sponsor and travel freely in and out of the Kingdom with using lanes designated for Saudis at entry ports. It also provides a host of special economic and personal privileges such as the right to obtain residency visas for family members and special banking facilities. It gives ownership of residential, commercial and industrial purposes except in Makkah and Madinah where usufruct rights on properties for up to 99 years of lease, ownership of private means of transportation, engagement in business activities in accordance with the Foreign Investment Law and recruitment of domestic help. The Saudi government hopes to bring down foreign remittance by 30 percent and commercial cover-ups (tasattur) drastically by introducing Premium Residency. Pattarkadavan, a dynamic business leader, is also keen on tapping huge potential of bilateral businesses between Saudi Arabia and India. He has already held extensive talks with several prominent Saudi officials as well as ambassadors of both the countries in this respect. He recently met with Deputy Minister of Investment Faraj Bin Salem Al-Munjem, who held earlier the position of deputy governor for support services at Saudi Arabian General Investment Authority (SAGIA). "Our talks figured mainly on the vast investment opportunities for Premium Residency holders in almost all spheres of life. We also discussed ways to further promote Saudi–India investments with attracting more Indian companies into the Kingdom," he said adding that the minister listened to some concerns of businessmen. Pattarkadavan also met with Saudi Ambassador to India Dr. Saud Mohammed Al-Sati and Indian Ambassador to the Kingdom Dr. Ausaf Sayeed. "The talks with the envoys showed their extra keenness in further taking the bilateral ties to new heights of strategic partnership. They spoke about the immense opportunities available in many key sectors, including trade, tourism and culture, and also underscored the significance of further bolstering the centuries-old cultural and trade ties that date back to pre-Islamic period," he said. Pattarkadavan, who made investments earlier after obtaining a SAGIA license, has acquired property in the holy city of Makkah for a 30-year lease in his name after securing Premium Residency. "The anticipated huge increase in the number of Haj and Umrah pilgrims under Vision 2030 will be a great opportunity for the Premium Residency holders as well," he added. Pattarkadavan, an alumni of International Indian School Jeddah, is a graduate in commerce and holder of postgraduate diploma from the United States. He is the son of P.K. Abdul Rahman alias Kunjan, a former staffer at Saudi Research and Publishing Company, and U.K. Khadeeja. Tennaz is his wife and Hamdan and Effat are children. He holds several positions including advisory panel membership of Calicut International Airport and vice patron of Goodwill Global Initiative.
