During LEAP 24, Minister of Industry and Mineral Resources Bandar Alkhorayef revealed an improved version of the industrial licence. To streamline industrial activity inside the Kingdom, this new licence, which is controlled by the Gulf Cooperation Council's (GCC) Unified Industrial Regulatory Law, lays out a three-stage procedure for industrial projects: establishment, building, and production.
The official spokeswoman for the ministry, Jarrah Al-Jarrah, emphasised that this action is in accordance with a Cabinet resolution to regularise firms outside of approved industrial zones. The updated licencing procedure follows the same steps as an industrial project, beginning with the establishment phase, during which plant owners get the required licences and allocations. This phase does not allow manufacturing to begin, but it is valid for a year with the option of renewal.
Under GCC agreements, machinery and equipment are excluded from customs during the building phase, with the opportunity for a one-year extension. Lastly, all operational and production rights, including exemptions from customs on manufacturing inputs, are granted throughout the production phase.
Through the industrial platform, all licencing process stages, including status updates and revisions, may be controlled. This programme is a component of Saudi Arabia's National Industrial Strategy, which aims to achieve Vision 2030 objectives by increasing investment, diversifying the economy, and boosting non-oil exports.
