RIYADH — Bandar Alkhorayef, Minister of Industry and Mineral Resources, has unveiled an enhanced version of the industrial license during LEAP 24. This new license, governed by the Unified Industrial Regulatory Law of the Gulf Cooperation Council (GCC), outlines a three-stage process for industrial projects: establishment, construction, and production, aiming to streamline industrial activities within the Kingdom. Jarrah Al-Jarrah, the ministry's official spokesperson, highlighted that this move follows a Cabinet decision to regularize factories outside designated industrial zones. The upgraded licensing process mirrors the industrial project's progression, starting with the establishment phase, where factory owners secure necessary permits and allocations. This phase is valid for one year with a possibility for renewal, but it does not permit the start of production. The construction stage allows customs exemptions on machinery and equipment under GCC agreements, with a one-year renewal option. Finally, the production phase grants full operational and production rights, including customs exemptions on production inputs. All phases of the licensing process, including status updates and amendments, can be managed through the industrial platform. This initiative is part of Saudi Arabia's National Industrial Strategy, aiming to bolster investment, diversify the economy, and enhance non-oil exports in line with Vision 2030 goals.
