The decision underscores the authority's support for serious manufacturers and its efforts to provide necessary facilitations to help them overcome current challenges.
According to Saad, the resolution gives industrial projects
an additional grace period of up to six months to obtain an operating license
and an industrial registry. This is contingent on the project having completed
100% of its construction as specified in its building license, regardless of
whether equipment and production lines have been delivered.
The resolution stipulates that projects must pay the
standard fees and fines for the period between the end of their last deadline
and the date of their new request, as well as standard fees for the requested
extension. However, it also includes a waiver for a six-month period of the
total accumulated fines.
For projects with less than 100% of the required
construction completed, the resolution states that the land can be re-allocated
to the owner at current prices. The owner must pay the full land price to the
relevant authority, with a deduction for any amount previously paid. The
project will then be given a maximum grace period of 24 months to complete
construction and obtain its operating license and industrial registry.
Saad also noted that the facilitations apply to all
industrial plots, whether their allocation has been previously revoked or not,
provided the land has not been re-offered or allocated to another party.
The resolution will be in effect until March 21, 2026. Failure to comply with the new deadlines will result in the land allocation being canceled and returned to the authority for re-offering to other investors.