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Effective from Jun 13 2023 - Jun 12 2023 To view other versions open the versions tab on the right
(1)
Upon receipt of an application submitted to SAMA by the Applicant as set forth in Article 11, SAMA may issue an in-principle approval to the applicant when it is proven to SAMA that an Applicant is able to meet the relevant License requirements. The Applicant must ensure the satisfaction of the relevant License requirements and conditions within a period of no more than one year. SAMA may, in its sole discretion, extend the preliminary approval duration for an additional 180 calendar days as a maximum.
(2)
In addition to the requirement set forth in Article 14 of the Implementing Regulation, SAMA will outline in its in-principle approval all outstanding requirements that must be addressed by the Applicant in order for SAMA to be satisfied with any licensing conditions and concerns raised therein, subject to the duration set forth in Paragraph (1) of this Article.
(3)
The Applicant is required to address the outstanding requirements outlined in the in-principle approval before the in-principle approval expires further to Paragraph (1) of this Article.
(4)
The in-principle approval does not grant the Applicant the right to carry out any service or activity for which a License is required from SAMA under the Law.
