The following terms - wherever they appear in this regulation - shall have the meanings specified next to each, unless the context requires otherwise:

1- The Center: Premium Residency Center.

2- The Regulation: Regulation of the Center.

3- The Council: Board of Directors of the Center.

4- The President: President of the Council.

The center enjoys legal personality and financial and administrative independence, and is organizationally linked to the Council of Economic and Development Affairs. Its main headquarters is located in the city of Riyadh, and it has the authority to establish branches or offices as needed.

The center aims to contribute to empowering the national economy by developing competitive products, services, and businesses for the premium residency program, working to attract the targeted groups, launching and marketing them in line with national priorities, and enhancing the Kingdom's image as a leading global destination. This includes promoting foreign investment in the Kingdom and supporting and developing the labor market by offering attractive products to attract investors, entrepreneurs, and global talents, and working to retain them.

Taking into account the other competencies assigned to the center based on the relevant laws and regulations, the center is responsible -without prejudice to the competencies and responsibilities of other entities- for organizing and managing all matters related to the premium residency, and it has the authority to undertake the following competencies and tasks:

1- Proposing laws related to premium residency, suggesting amendments to the existing ones, and submitting them to complete the necessary legal procedures.

2- Receiving applications for premium residency, studying them, and considering their approval, in accordance with the relevant legal provisions.

3- Proposing services and products offered by the center related to premium residency, and continuously working on their development to meet the needs of the targeted groups -which include exceptional and skilled talents, entrepreneurs, innovators, investors, retirees, students, and researchers- based on the assessment of national priorities, competitor products, and the attractiveness of products and services for the targeted groups.

4- Marketing the services and products offered by the center related to premium residency through various channels -in coordination with the public and private sectors- to enhance their promotion and spread, contributing to making the Kingdom a leading destination for attracting talents.

5- Establishing the necessary mechanisms to process applications for premium residency, in coordination with the relevant entities.

6- Aligning the advantages of the products and services offered by the center with sectoral policies and relevant legislation, in coordination with the relevant entities.

7- Setting targets for the center's products and services, and continuously evaluating them; for their development, taking into account the economic, functional, and investment impacts.

8- Organizing conferences, seminars, and internal and external exhibitions related to the center's field of work, in accordance with the relevant legal provisions.

9- Preparing reports on the implementation of premium residency, and proposing what it deems appropriate regarding it; in preparation for presenting it to the Council of Economic and Development Affairs.

• 1- The center shall have a Board of Directors composed of a President appointed by a decree from the President of the Council of Ministers based on a proposal from the President of the Council of Economic and Development Affairs, and the membership of each of the following:

  • A- Minister of Culture.

  • B- Minister of Investment.

  • C- Minister of Human Resources and Social Development.

  • D- Minister of Economy and Planning.

  • E- Deputy Minister of Interior.

  • F- Deputy Minister of Foreign Affairs.

  • G- Chief Executive Officer of the Royal Commission for Riyadh City.
     

• 2- The President of the Council of Economic and Development Affairs may, by his decision, amend the composition of the council referred to in paragraph (1) of this article.

The Council is responsible for managing the affairs of the center and conducting its matters, and it makes all necessary decisions to achieve its objectives within the framework of the regulations. In particular, it has the following powers:

1- Approving the general policies of the center and the plans and programs necessary for their implementation.

2- Approving development plans for the portfolio of products and services offered by the center related to the premium residency, and launching them in line with national priorities and market responses.

3- Proposing premium residency products offered by the center and the financial fees for them that the Council deems appropriate to collect, and submitting them to the Council of Economic and Development Affairs for approval.

4- Defining performance indicators for the center's services and products, and reviewing them in light of its objectives.

5- Approving the organizational structure of the center.

6- Approving the administrative and financial regulations of the center, provided that the approval of the administrative regulations is in agreement with the Ministry of Human Resources and Social Development, and the approval of the financial regulations and provisions with financial implications in the administrative regulations is in agreement with the Ministry of Finance.

7- Approving the establishment of branches or offices for the center.

8- Reviewing reports on the progress of work in the center.

9- Approving the draft budget of the center, its final accounts, and the annual report; in preparation for submitting them according to the legal procedures.

10- Approving the acceptance of donations, gifts, grants, bequests, and endowments offered to the center, in accordance with the governing provisions.

11- Appointing an external auditor (or more) and an internal financial controller.

12- Approving the conclusion of agreements and contracts, in accordance with the established legal procedures.

13- Determining the financial fees for the services and works provided by the center that the Council deems appropriate to collect fees for.

The Council may form permanent or temporary committees from its members or others, assigning them tasks as it sees fit, and the decision to form each committee specifies its chairperson, members, and competencies. These committees may seek assistance from whomever they deem necessary to perform the tasks assigned to them.

The Council may delegate some of its tasks to its chairperson, any of its members, or to whomever it sees fit from the center's staff, as required by the workflow.

1- The Council meets once every three months, and whenever necessary as determined by the President or if requested by at least one-third of the members.

2- The President shall send a written invitation for the meeting in advance, including the agenda of the meeting.

3- The meeting of the Council is valid if attended by the majority of the members - at least - including the President or a member designated by him in case of his absence, and decisions are made by a majority of the votes of those present. In the event of a tie, the side that the President of the meeting voted for shall prevail.

4- The deliberations and decisions of the Council are recorded in minutes signed by the President of the meeting and the attending members.

5- The Council may invite anyone it deems appropriate to attend its meetings, without having the right to vote.

The center shall have a Chief Executive Officer, appointed by a decision of the Council based on a nomination from its Chairman. The decision shall specify his salary and other financial benefits, and he shall be responsible for managing the center. His responsibilities are concentrated within the limits set by the regulations and as determined by the Council, and he shall specifically have the following competencies:

1- Proposing the general policies of the center and the necessary plans and programs for their implementation, and submitting them to the Council for approval, and supervising their implementation after approval.

2- Proposing the organizational structure of the center and submitting it to the Council for approval.

3- Supervising the preparation of financial regulations and administrative regulations governing the affairs of the center's employees; in preparation for submitting them to the Council.

4- Supervising the preparation of the center's budget project, its final account, and its annual report; in preparation for presenting them to the Council.

5- Disbursing from the center's budget and taking all financial procedures, in accordance with the approved systems and regulations, and within the limits of the powers delegated to him by the Council.

6- Approving the operational procedures of the center.

7- Appointing employees in the center and supervising them, in accordance with what is determined by the regulations.

8- Contracting with experts and consultants within the limits of the center's objectives, in accordance with what is determined by the regulations.

9- Following up on the implementation of decisions issued by the Council.

10- Providing periodic reports to the Council on the progress of the center's work, its products, and its activities; in preparation for completing what is necessary regarding them.

11- Submitting proposals to the Council regarding matters within the center's competencies.

12- Representing the center before the judiciary, and before government entities, institutions, and other relevant bodies, as well as other entities inside and outside the Kingdom, and he has the authority to delegate others in this regard.

13- Concluding the agreements and contracts necessary for the operation of the center, in accordance with the applicable regulatory procedures.

14- Any other task assigned to him by the Council.

The Chief Executive Officer may delegate some of his competencies to other employees of the center.

The Council shall have a Trustee appointed by a Decision of the Council, which shall specify his salary and benefits. The Trustee shall prepare for its meetings, notify its members of the dates, prepare the minutes and decisions, and carry out any tasks assigned to him by the Council or the President.

The employees of the center are subject to the Labor Law and the Social Insurance Law.