Commerce and Industry Minister Tawfiq Al-Rabiah. (SPA)

Under a new ministerial ruling, payment of the minimum capital for industrial development is to be abolished.

To support industrial development, the Ministry of Commerce and Industry issued a ministerial decree eliminating the requirement of the minimum capital for the industrial facilities.

Commerce and Industry Minister Tawfiq Al-Rabiah said here that new investors need not pay the minimum capital at the time of making their investment applications for industrial facilities in the Kingdom.

The said decree will be enforced on the date of its issuance.

“It is to facilitate procedures for investors to get industrial licenses, as well as to expand production capacity of the industrial sector.”

Al-Rabiah 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 comparative advantages of the regions in promoting diversification of spatial economic activities.

“It will boost the construction of new industrial districts, as well as incubators for business and technology transfer.”

This comes within the ministry’s endeavors for supporting and encouraging industrial investors in the Kingdom to achieve balanced regional industrial development to increase production capacity, and helping investors to start businesses with affordable costs to compete in the domestic and overseas markets.

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