RIYADH —The special residency permit (iqama) for entrepreneurs, investors and skilled expatriates approved by the Saudi Cabinet on Tuesday will stimulate the national economy, according to economists who spoke to Saudi Gazette.

Last Wednesday, Saudi Arabia’s consultative Shoura Council passed the law for the new green card-style residency permit for foreign entrepreneurs, investors and skilled expatriates. The law will see foreigners benefit from the new residency scheme, which will not require a Saudi sponsor or employer.

The new system, which will come into force within 90 days, will attract investment, boost the country's non-oil GDP and increase government's revenues, they said.