Qatar is set to launch a 10-year residency program for entrepreneurs and high-ranking executives, Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani said on Sunday. Qatar’s announcement comes after Saudi Arabia and the United Arab Emirates took similar initiatives.

Saudi Arabia and Qatar have recently launched long-term residency schemes in their countries to attract skilled professionals and investors.

Qatar has also taken this initiative to introduce long-term residency as part of its strategy to diversify its economy. The aim is to attract investment and retain skilled professionals in Qatar for the long term.

Details of the qualifications required for long-term residency in Qatar and when the program will come into effect have not yet been announced. However, the initiative is seen as a great opportunity for businessmen and corporate leaders.

Under Qatar’s new program, in addition to obtaining long-term visas, there may be opportunities to bring family members to the country and special benefits for investors.