Saudi Arabia and Chinese Express sign US$5.6 billion cooperation agreement to jointly develop electric vehicles

According to news on June 13, Saudi Arabia’s Ministry of Investment and Chinese electric vehicle manufacturer Human Horizons recently reached an important cooperation agreement to jointly develop, manufacture and sell electric vehicles. The news was announced at the recent Arab-China Business Conference, where investment agreements totaling more than $10 billion were signed. According to the editor's understanding, these agreements cover a variety of fields, including technology, renewable energy, agriculture, real estate, metallurgy, tourism and health care.

With energy trade as the main area of ​​cooperation, Saudi Arabia has always maintained close trade relations with China and has become the world's largest oil exporter. As Saudi Arabia actively promotes economic diversification and transformation, the country is continuously increasing investment in non-oil sectors. One of them is promoting the development of electric vehicle manufacturing in the country. Human Horizons is a Chinese electric vehicle manufacturer that has developed a business producing high-quality electric vehicles in the Chinese market.

According to a previous statement issued by Saudi Arabia, China’s foreign direct investment in the Arab market reached US$23 billion in 2021, of which US$3.5 billion was invested in Saudi Arabia. This fully reflects the importance China attaches to Saudi Arabia and its confidence in the potential of cooperation between the two countries.

In addition to cooperation in the Saudi Arabian market, Chinese Express also plans to introduce its high-end brand HiPhi to some European countries this year to further expand its overseas market share.

The signing of this cooperation agreement marks an important step in the cooperation between Saudi Arabia and Human Horizons in the field of electric vehicles. It is expected to bring more business opportunities to both parties and make a positive contribution to promoting global sustainable development. . This is also a strong proof that China and Saudi Arabia are moving towards closer cooperation in the field of economic cooperation.

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