RIYADH — Saudi Arabia's Cabinet on Tuesday approved the issuance and renewal of residency permits (Iqamas) along with work permits every three months as the minimum period of time. The move, however, exempts domestic workers and related professional categories, the Saudi Press Agency reported quoting the Cabinet statement. The fees and financial compensations required for the renewal of work and residency permits can be paid accordingly. The Cabinet also abolished the Diplomatic Quarter Authority in Riyadh and its organizational arrangements and transferred all its missions, projects, rights, obligations, and workers to the jurisdiction of the Royal Commission for Riyadh. The Cabinet considered the Public Investment Fund's strategy for the next five years, which was approved by the fund's Board of Directors headed by the Crown Prince, as a major pillar in achieving the Kingdom's ambitions towards economic growth, raising the quality of life, and achieving the concept of comprehensive and sustainable development in diverse traditional and modern sectors. This also complements its huge investment and economic achievements, which enabled it to reach important strategic goals, and place it in a prominent position on the world map as a pioneering sovereign fund capable of investing and managing large capital in multiple markets, the Cabinet noted. The Cabinet also appreciated the promising visions for the Kingdom's prosperous future, as articulated by the Crown Prince in his speech. The PIF would contribute to supporting the development process, and continue to stimulate the growth and diversification of the economy through a number of goals, the Council said in its statement.
