In a significant development, Saudi Arabia's Ministry of Investment signed a $5.6 billion deal with a Shanghai-based electric vehicle company to develop EVs (Electric Vehicles).
© AP Photo / Ng Han Guan
At an Arab-China business conference in Riyadh over the weekend, Saudi Arabia’s Ministry of Investment signed a $5.6 billion deal with Shanghai-based electric vehicle (EV) manufacturer Human Horizons to jointly develop, manufacture, and sell EVs.
The deal was just one of more than 30 such investments penned during the conference to develop a variety of industries including producing smelter fuel, copper mining, renewable energy, agriculture, tourism, and healthcare, among others.
Started in 2017 by Ding Lei, the former president of Shanghai General Motors and former deputy governor of Pudong New District in the coastal metropolis, Human Horizons manufactures premium EVs under the HiPhi brand at an assembly plant in Yancheng. It sells several luxury sedans and SUVs in the Ch...