The Saudi Ministry of Investment has signed a $5.6 billion agreement with the Chinese company "Human Horizons," which specializes in developing self-driving technologies and manufacturing electric vehicles, to establish a joint project for research, development, manufacturing, and sales of vehicles, according to the Saudi Press Agency. The deal represents more than half of the investment agreements, exceeding $10 billion, signed on the first day of the Arab and Chinese Businessmen Conference in Riyadh, covering sectors including technology, renewable energy, agriculture, real estate, minerals, supply chains, tourism, and healthcare.
The Saudi plan includes the local development of the electric vehicle industry. Human Horizons manufactures electric vehicles under the "HiPhi" brand in China. The Saudi statement confirmed that "China's foreign direct investment in Arab markets reached $23 billion in 2021, including $3.5 billion in the Kingdom." The Chinese company stated in March that it will "launch its premium brand HiPhi in some European markets this year as it looks to expand abroad."
