Saudi Arabia Inks MoU with China USD 5.6 Billion to Produce EVs
The memorandum of understanding inked with electric and self-driving car manufacturer Human Horizons on the development, manufacture and sale of vehicles amounted to over USD 10 billion in investments.
June 13, 2023. By Nivedita Ojha
Saudi Arabia has inked a USD 5.6 billion deal with a Chinese company to produce electric vehicles as the kingdom is going to lead the Arab world in extending economic ties with Beijing.
The memorandum of understanding was inked with electric and self-driving car manufacturer Human Horizons on the development, manufacture and sale of vehicles amounting to over USD 10 billion in investments.
Over 3,500 government officials, investors, entrepreneurs and experts from 23 countries have notably participated in the event, co-organised with the Arab League and the China Council for the Promotion of International Trade.
As Saudi Arabia is the world’s top exporter of oil, establishing relations with China majorly covers the energy sector, though, under its Vision 2030 intends to diversify the economy, Riyadh is aiming to promote investments in non-oil sectors, comprising EVs.
Moreover, USD 5.6 billion EV deal, Saudi officials have declared the investments worth billions of dollars in agreements in sectors such as technology, renewable energy, agriculture, real estate, metals, tourism, and healthcare.
A Saudi official statement, the deal included USD 533 million for establishing an iron factory in Saudi Arabia and a USD 500 million cooperation agreement on copper mining in the kingdom.
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