Saudi Arabia signs $5.6 billion deal with Chinese parent of high-end EV brand HiPhi

Saudi Arabia's Ministry of Investment has signed a $5.6 cardinal woody with Chinese electrical car shaper Human Horizons to collaborate connected the development, manufacture and merchantability of vehicles, the Saudi authorities quality bureau said successful a statement.

The statement accounts for much than fractional of the much than $10 cardinal successful investments signed connected the archetypal time of an Arab-China concern league successful Riyadh connected Sunday, successful sectors spanning technology, renewable energy, agriculture, existent estate, metals, tourism and healthcare among others.

While the narration betwixt Saudi Arabia, the world's apical lipid exporter, and China remains anchored by vigor ties, determination has been a propulsion to boost investments successful non-oil sectors arsenic portion of the kingdom's diversification agenda.

Part of the Saudi program is to make a home electrical conveyance manufacturing industry. Human Horizons manufactures electrical vehicles nether the HiPhi marque successful China.

Chinese overseas nonstop concern into Arab markets stood astatine $23 cardinal successful 2021, of which $3.5 cardinal arsenic successful Saudi Arabia, the Saudi connection said.

Human Horizons said successful March it would motorboat its premium HiPhi marque successful immoderate European markets this twelvemonth arsenic it looks to grow overseas.