by: TN Media News:
In a move aimed at cutting through bureaucratic hurdles and facilitating smoother commencement of construction projects, Saudi Arabia has introduced a new license for investors. The Ministry of Industry and Mineral Resources announced the launch of this new service, which provides documentation in compliance with the Unified Industrial Organization Law of the Gulf Cooperation Council countries. This streamlined process will enable investors to initiate industrial projects following specific stages and mechanisms overseen by the ministry.
This initiative aligns with the ministry’s commitment to actively pursue opportunities to enhance the mining sector’s value and further the goals of Vision 2030 and the National Industry Development and Logistics Program. The establishment process for investors requires a valid commercial register for industrial activity, an application for the industrial license issuance service on the Senaei Platform, and immediate approval for activities not restricted by the ministry.
Furthermore, the ministry highlighted that this phase offers benefits such as registering intended production products in the industrial license and requesting site allocation from the relevant entities. Additional benefits include the ability to apply for an industrial loan, energy allocation, and a one-year renewable license validity period.
For the construction phase, investors must meet requirements such as a valid commercial register that includes industrial activity, energy allocation from the Ministry of Energy, and a valid spatial license or contract from designated site entities. Applicants must also provide an environmental permit for construction and submit a status upgrade request on the Senaei Platform. Benefits at this stage include labor support, customs exemption on machinery and equipment, and a one-year renewable license validity period.
In the production stage, investors must fulfill obligations such as a valid commercial register that includes industrial activity, safety and environment operation approvals from competent authorities, and an application for an upgrade on the industrial platform. This stage offers labor support for production, similar to the construction phase, along with other benefits.
Saudi Arabia’s focus on growing the industrial sector is part of its strategy to diversify its economy and achieve the objectives of Vision 2030. The Kingdom aims to transform mining into the third pillar of the national industry, leveraging its mineral resources spread across more than 5,300 sites valued at about SR5 trillion ($1.33 trillion).
This new license is expected to significantly streamline the process for investors and contribute to the growth and development of the industrial sector in Saudi Arabia.
