Saudi Arabia signs $5.6billion deal with Chinese EV company

Web DeskJune 12, 20234532 min
Saudi Arabia signs $5.6billion deal with Chinese EV company

Saudi Arabia’s Ministry of Investment has struck a $5.6 billion agreement with Chinese electric car manufacturer Human Horizons to work on vehicle development, manufacturing, and sales, according to the Saudi state news agency.

The agreement represents more than half of the more than $10 billion in investments inked on the first day of an Arab-China business summit in Riyadh on Sunday, across industries including technology, renewable energy, agriculture, real estate, metals, tourism, and healthcare.

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While Saudi Arabia, the world’s largest oil exporter, and China’s relationship remains anchored by energy links, there has been a push to increase investments in non-oil industries as part of the kingdom’s diversification agenda. Part of Saudi Arabia’s strategy is to establish a domestic electric vehicle (EV) manufacturing industry.

Human Horizons manufactures electric vehicles in China under the HiPhi name. According to the Saudi statement, Chinese foreign direct investment into Arab markets will total $23 billion in 2021, with Saudi Arabia receiving $3.5 billion.

Human Horizons said in March that it would debut its premium HiPhi brand in several European countries this year as part of its international expansion plans.

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