Saudi Arabia’s Ministry of Investment signed a $5.6-billion deal with China-based electric vehicle manufacturer Human Horizons (earlier post) to collaborate on the development, manufacture and sale of vehicles, according to the Saudi state news agency.
The deal was one of 0 investment agreements worth more than $10 billion (SAR 37.5 billion) signed during the the 10th Arab-China Business Conference, hosted by the Kingdom of Saudi Arabia. Investment sectors included technology, renewables, agriculture, real estate, minerals, supply chains, tourism, and healthcare.
Saudi Arabia plans to develop a domestic electric vehicle manufacturing industry.
Human Horizons said in March it would launch its premium HiPhi brand in some European markets this year.