H.E. the Minister of Commerce and Industry Dr. Tawfiq Bin Fawzan Al Rabiah has issued a Ministerial decree abolishing the requirement of a minimum capital for the industrial facilities during the investor`s application for an industrial license. The said decree will be enforced on the date of its issuance. This is to contribute in facilitating the procedures for investors to get the industrial licenses, as well as to expand the production capacities of the industrial sector.
H.E. the Minister of Commerce and Industry stressed the importance of this decision for the diversification of economic activities in the industrial sector, also for the development of non-oil exports to increase the contribution of the total value of exports, as well as to benefit from the comparative advantages of the regions in promoting the diversification of spatial economic activities, taking into consideration as well the need for expanding and constructing new industrial districts, as well as incubators for business and technology transfer.
This comes within the Ministry`s endeavors for supporting and encouraging the industrial investors in the Kingdom to achieve balanced regional industrial development, and thus increasing the production capacity, and helping the investors to start business with affordable costs to compete in the domestic and overseas markets.
MCI confirms its on-going and constructive endeavors to facilitate the procedures for the industrial sector investors in the Kingdom, as well as to meet their needs and requirements.