Converting Business visa into Iqama

There is no conversion from a business visa to an Iqama. Immigration has repeatedly clarified this (See the links from the official newspaper i.e. Saudi Gazette). And you should NOT be working on a business visit visa.

If you still come on a business visa and when the work visa is ready, you will have to exit Saudi, go back to your home country, get a work visa stamped and then come back to convert it to an Iqama.

https://saudigazette.com.sa/article/624 … into-Iqama

https://saudigazette.com.sa/article/618467

@XTang in queue to your answer, can we go to a nearby country instead of our home country to get the visa stamped?

No. You can only get work visa stamped from either your country of nationality or a country you have legal residence in (with a residence permit).  And in the latter case, it is still not easy as your company needs to have to quota of visas for your nationality and profession to the consulate in THAT country.  I have answered the how-to on the second option dozens of times so use search if you have a residence somewhere else outside of your home country.