Saudi Arabia to cooperate with Chinese electric vehicle maker Human Horizons

Saudi Arabia’s Ministry of Investment has signed an agreement to cooperate with Chinese electric vehicle maker Human Horizons on the development, production and sale of cars. The agreement is worth USD 5.6 billion (CZK 123.5 billion), the Saudi state news agency reported today.

The agreement accounts for more than half of the investments signed on the first day of the Arab-Chinese Business Conference, which is being held in Riyadh. Investments worth more than USD 10 billion were agreed in total across sectors including technology, renewable energy, agriculture, real estate, metals, tourism and healthcare.

Relations between Saudi Arabia, the world’s largest oil exporter, and China are based mainly on energy. As part of its economic diversification programme, however, Saudi Arabia is pushing to increase investment in sectors other than oil.

Saudi Arabia’s plan includes developing a domestic electric vehicle manufacturing industry. Human Horizons makes electric vehicles in China under its HiPhi brand. In March, the company said it would launch its premium brand in some European markets this year as it seeks to expand overseas.