Release of the Financial Guarantee

The financial guarantee is released

• When the license issuance request is rejected or canceled.
• When the license is transferred to another investor.
• When a request for relinquishing the license is submitted and a decision approving the relinquishment is issued by the ministry.

Procedure for Requesting the Release of the Bank Guarantee

If the guarantee is from one of the following banks, the release is done electronically through the Taadeen platform, and the guarantee will be released within one day. These banks include:

1. Riyad Bank
2. Al Rajhi Bank
3. First Saudi Bank
4. Alinma Bank
5. National Commercial Bank (NCB)
6. Bank Albilad
7. Saudi Fransi Bank

If the guarantee is from other banks, the licensee must submit a release request letter to the ministry, and the guarantee will be released within approximately 10 days, with the following details provided:

• Name of the applying company.
• The bank guarantee number to be released.
• The issue date of the bank guarantee.
• The value of the bank guarantee.
• The name of the bank issuing the bank guarantee.
• The reason for requesting the release of the bank guarantee.
• A copy of the bank guarantee letter.
• A copy of the license - if previously issued - along with a report from the National Center for Monitoring that outlines environmental compliance and the investor's actions in rehabilitation and site closure