Foreign investors need industrial licenses

The Commerce Ministry has started issuing industrial licenses to foreign investors, the ministry said in a statement on Tuesday and urged foreign investors to obtain the license quickly to receive the ministry’s services.

“If you fail to get license, your firm will not get the necessary services from the ministry,” it warned defaulters.

The ministry also disclosed plans to issue such industrial licenses for Saudi investors in future.

“Foreign investors should produce the valid license issued by the Saudi Arabian General Investment Authority (SAGIA) to get the industrial license,” the statement said, adding that the license would be issued on the basis of national investment regulations.

Foreign investors have to present the investment license received from SAGIA to get the industrial license, the ministry insisted, adding that this condition was made on the basis of a Cabinet decision passed two years ago.

The Cabinet decision stressed that all foreign investors should obtain an industrial investment license from the ministry.

The ministry emphasized its desire to implement the country’s regulations to organize the industrial sector and improve the industrial environment, keeping it free from violations, in order to attract more investment.