Saudi Arabia signs $5.6 bln deal with Chinese EV company

Saudi Arabia‘s Ministry of Investment signed a $5.6 billion deal with Chinese electric car maker Human Horizons, said the Saudi state news agency on Monday.

The agreement was signed on the first day of the Arab-China business conference, which discusses sectors spanning technology, renewable energy, agriculture, real estate, metals, tourism, healthcare, and others.

Saudi Arabia is planning to develop a domestic EV manufacturing industry. Human Horizons said in March that it looks forward to expanding overseas.