Release of the Financial Guarantee

The financial guarantee is released

• Rejection or cancellation of the license issuance application.
• Rejection or cancellation of the license renewal application.
• When the license is transferred to another investor.
• Rejection or cancellation of the license transfer application.
• Upon submission of a new financial guarantee.
• Following the Ministry’s approval of a submitted license relinquishment request.
• Upon license expiry.
• When a financial guarantee is issued by mistake.
• When a financial guarantee is issued without submitting a license application.

Procedure for Requesting the Release of the Bank Guarantee

If the guarantee is from one of the following banks, and the guarantee will be released within one day. These banks include:

1. Riyad Bank
2. SABB (Saudi British Bank)
3. Al Rajhi Bank
4. Alinma Bank
5. The Saudi National Bank (SNB)
6. Bank Albilad
7. Gulf International Bank
8. Arab Bank
9. Banque Saudi Fransi
10. Bank AlJazira
11. The Saudi Investment 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