Saudi Arabia signs $5.6 bln deal with Chinese EV company – state media

Date:

Dubai (Reuters) – Saudi Arabia’s Ministry of Investment has signed a $5.6 billion deal with Chinese electric car maker Human Horizons to collaborate on the development, manufacture and sale of vehicles, the Saudi state news agency said in a statement.

The agreement accounts for more than half of the more than $10 billion in investments signed on the first day of an Arab-China business conference in Riyadh on Sunday, in sectors spanning technology, renewable energy, agriculture, real estate, metals, tourism and healthcare among others.

While the relationship between Saudi Arabia, the world’s top oil exporter, and China remains anchored by energy ties, there has been a push to boost investments in non-oil sectors as part of the kingdom’s diversification agenda.

Part of the Saudi plan is to develop a domestic electric vehicle (EV) manufacturing industry. Human Horizons manufactures electric vehicles under the HiPhi brand in China.

Chinese foreign direct investment into Arab markets stood at $23 billion in 2021, of which $3.5 billion as in Saudi Arabia, the Saudi statement said.

Human Horizons said in March it would launch its premium HiPhi brand in some European markets this year as it looks to expand overseas.

Share post:

Popular

Recent
Related

For Kuwait’s new emir, Saudi ties are seen as key

Kuwait (Reuters) - Sheikh Meshal al-Ahmad al-Sabah was named...

Pope Francis deplores Israeli killings of civilians at Gaza church

Vatican City (Reuters) - Pope Francis on Sunday again...

Palestinians must find new path from Israeli rule after war, top official says

Ramallah (Reuters) - Immediately after Israel's war in Gaza...

Israel says it struck Hezbollah sites after attacks from Lebanon

Jerusalem/Beirut (Reuters) - Israel said on Sunday it had...