Saudi Arabia signs $5.6 billion deal with Chinese EV company Human Horizons

In a world increasingly focused on sustainability and combating climate change, the race to develop innovative solutions for a greener future is heating up. One player making significant strides in the electric vehicle (EV) industry is Chinese car manufacturer Human Horizons.

A recent partnership with Saudi Arabia's Ministry of Investment, valued at an impressive $5.6 billion, has captured global attention, accounting for more than half of the more than $10 billion worth of investment deals signed on the first day of an Arab-China business summit in Riyadh Sunday.

This collaboration not only highlights the growing ties between Saudi Arabia and China but also demonstrates a shared commitment to using sustainable technology and developing their green-energy sectors.

It aligns perfectly with Saudi Arabia's ambitious Vision 2030 plan to diversify its economy and reduce its reliance on oil through the development of non-oil sectors. By joining forces with Human Horizons, Saudi Arabia gains access to the expertise and proven track record of a leading EV manufacturer to establish a domestic electric vehicle manufacturing industry of its own.

Representing a watershed moment for Human Horizons. These funds will provide the necessary financial resources to accelerate the company's research, development, manufacturing, and sales efforts. It will also be utilized to enhance its electric vehicle technology, range, and overall user experience.

More recently Beijing has become Arab countries’ largest trading partner with a volume of commerce worth a record $430 billion last year. Saudi Arabia alone made up a quarter of the volume, with bilateral trade rising 30% in 2022 to $106.1 billion.