The Saudi state news agency reported that Saudi Arabia’s Ministry of Investment struck a $5.6 billion deal with Chinese electric car producer Human Horizons to develop, manufacture, and sell vehicles.
The agreement accounts for more than half of the $10 billion in investments inked on Sunday’s first day of an Arab-China business summit in Riyadh across technology, renewable energy, agribusiness, real estate, metals, tourism, and healthcare.
As part of its diversification plan, Saudi Arabia, the world’s top oil exporter, encourages Chinese investment in non-oil areas.
The Saudi proposal includes EV manufacturing. China-based Human Horizons makes HiPhi electric cars.
The Saudi announcement reported $23 billion in Chinese foreign direct investment into Arab countries in 2021, including $3.5 billion in Saudi Arabia.
Human Horizons said it would debut its premium HiPhi brand in European markets in March.
