Saudi Arabia's Ministry of Industry and Mineral Resources on Sunday announced the extension of industrial licence validity from three years to five years, state-run news agency SPA reported. The term extension will apply to new industrial permits or licence renewals, provided it fulfills all regulatory requirements set by the ministry.
In a statement, the ministry's spokesperson Jarrah Al-Jarrah said that the move expects to boost business for industrial investors and to enhance the sector and factory sustainability.
Saudi Arabia, leading global producer of oil, aims to reduce more than 4 percent of global carbon emissions by 2030 through various renewable energy projects. The Kingdom is all set to become the world's largest supplier of hydrogen and has been altering strategies to cut short on its dependence on oil to limit climate change.
The General Authority for Statistics noted that Saudi's GDP saw a decline of 3 percent in the first quarter compared to last year's first quarter as its oil sector declined by 11.7 per cent. However, the non-oil sector grew 2.9 percent for the first time since the first quarter of 2020.
Meanwhile, in an interview with S&P Global, Vice Minister for Saudi Mining Affairs Khalid Al-Mudaifer earlier announced the Kingdom's plans to auction two major mining licences in 2022. The move will include permitting mining for commodities such as gold, copper and zinc as the country seeks foreign investments into the mining sector.
The country also aims to triple the sector's contribution to the national GDP to SR240 billion ($64 billion) and double the number of jobs to 470,000 by 2030. A mining law was approved last year to facilitate investor access to financing and support exploration and geological survey activities and boost foreign direct investment in the sector.