DUBAI: The Saudi state news agency said in a statement that  Saudi Arabia's Ministry of Investment has inked a USD 5.6 billion deal with Chinese electric car manufacturer Human Horizons to collaborate on the development, manufacture and sale of vehicles, 

The deal represents more than half of the USD 10 billion in investments that were signed on the first day of an Arab-China Business Conference in Riyadh on June 11. These investments were made in a variety of industries, including technology, renewable energy, agriculture, real estate, metals, tourism, and healthcare.

There has been a push to increase investments in non-oil industries as part of the Kingdom's diversification agenda, even if energy links still serve as the foundation of the relationship between Saudi Arabia, the top oil exporter in the world, and China.

The development of a national Electric Vehicle (EV) manufacturing sector is one of the goals of Saudi Arabia. Under the HiPhi brand, Human Horizons produces electric cars in China. In an effort to grow internationally, the company declared in March that it will introduce its premium HiPhi brand in a few European regions this year.

According to a Saudi announcement, Chinese FDI into Arab markets reached USD 23 billion in 2021, with USD 3.5 billion going to Saudi Arabia.

Human Horizons is a prominent Chinese electric car maker that has been making waves in the automotive industry with its innovative and forward-thinking approach. The company is dedicated to redefining the future of mobility by combining cutting-edge technology, sustainable practices, and luxurious design. With a strong focus on research and development, Human Horizons has introduced impressive electric vehicles that have garnered attention worldwide.

Their flagship model, the HiPhi X, stands out for its sleek and futuristic design, advanced autonomous driving capabilities, and an intelligent and interconnected ecosystem. Human Horizons is committed to pushing the boundaries of electric vehicle technology and providing eco-friendly and intelligent solutions for a greener and smarter future of transportation.

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