The deal is responsible for more than half of the more than $10 billion in investments that were inked on the first day of an Arab-China business conference in Riyadh on Sunday. These investments were made across a variety of industries, including technology, agriculture, real estate, metals, tourism, and healthcare, among others.
Despite the fact that energy links continue to serve as the primary foundation of the relationship between Saudi Arabia and China, which ranks as the top oil exporter in the world, there has been a drive to increase investments in non-oil industries as part of the kingdom’s diversification plan.
Saudi Arabia’s Ministry of Investment has signed a $5.6 billion deal with Chinese electric car maker Human Horizons
A local industry for the production of electric vehicles (EVs) is going to be developed as part of the Saudi strategy.
According to a statement released by the Saudi state news agency, the Saudi Arabian Ministry of Investment has struck an agreement with the Chinese manufacturer of electric cars Human Horizons worth $5.6 billion to collaborate on the research, manufacturing, and sale of automobiles.
China is the location of Human Horizons’ production facilities for the HiPhi brand of electric automobiles. According to the statement issued by Saudi Arabia, the level of foreign direct investment from China into Arab markets reached $23 billion in 2021, of which $3.5 billion was invested in Saudi Arabia.
As part of its international expansion plans, Human Horizons announced in March that it will introduce its premium HiPhi brand in certain European countries throughout the course of this year.