RIYADH – The Ministry of Industry and Mineral Resources extended the term of industrial licenses to five years from three years.

The decision will apply to applications for new licenses or license renewals, as long as it fulfills the regulatory requirements.

The move aims to enhance ease doing business for industrial investors and ensure the sector sustainability, Jarraj Aljarrah, the ministry’s spokesperson said in a statement.

The ministry aims to ensure plant sustainability, facilitate procedures for investors and accelerate industrial licensing to make the sector more attractive for investors.

The new decision will also help stimulating new investments and attract more quality investments in different industrial activities.

Moreover, the factories located within the Saudi Authority for Industrial Cities and Technology Zones (MODON), the Royal Commission for Jubail and Yanbu (RCJY) and the Economic Cities and Special Zones Authority (ECZA) will get a one-year license, once they obtain the land allocation agreement.

When the new facility is ready for operation, the industrial license will be renewed for five years. — SG