Holders of the document will also be exempt from a number of laws in the kingdom
Saudi Arabia has formed a joint legal committee with the UK to introduce a document that will allow investors and employees working in $500 billion project Neom to travel freely without a visa between several countries in the Red Sea, including Jordan and Egypt, reported Arabic newspaper Rai Al Youm.
Holders of the document will be exempt from a number of laws in Saudi Arabia, the newspaper said.
Megacity Neom was unveiled more than a year ago by the Crown Prince, and is aimed at bolstering the kingdom’s non-oil revenue while attracting foreign investment through tourism developments. It is set to welcome “all the living standards, all the living styles and community,” according to CEO Nadhmi Al-Nasr.
The document is also expected to exceed the advantages of a “VIP” card, and will offer investors, senior officials and workers in the city with visas and residency rights.
It has reportedly been approved by Saudi Crown Prince Mohammed bin Salman for Neom’s anticipated tens of thousands of workers, although it continues to undergo legal adjustments.
Financed by the Saudi government, its sovereign wealth fund, and local and international investors, 25,900 sq km Neom includes a bridge spanning the Red Sea and stretching into Egypt and Jordan.