Saudi Arabia’s Ministry of Investment recently signed a $5.6 billion deal with the Chinese company Human Horizons to domestically manufacture electric vehicles in the Middle East according to Al Jazeera. The deal, which was signed June 11, accounted for more than half of the $10 billion investments that were recently signed by the two countries during the Arab-China Business Conference held in Riyadh, Saudi Arabia June 11 and 12.

Human Horizons currently manufactures electric vehicles for the Chinese market under its HiPhi brand. Prior to the signing of this MoU (memorandum of understanding), Human Horizons announced it would launch its HiPhi brand in some European markets later in 2023 "with an eye" on Western Europe or Scandinavia according to Al Jazeera.

According to CNBC, China and Saudi Arabia have recently been looking to expand their investments to other industries outside of the oil and energy sectors. Part of that plan will reportedly focus on the development of the Kingdom’s domestic EV manufacturing space. Moreover, Saudi officials signed “billions of dollars worth of agreements” in other budding sectors like technology, renewable energy, agriculture, real estate, metals, tourism and healthcare.

"The conference is an opportunity to strengthen and consolidate the historical Arab-Chinese friendship, build a common future that takes us on a new era that will benefit peoples and maintain peace and development in the world," said Saudi Arabia’s Minister of Foreign Affairs, Prince Faisal bin Farhan bin Abdullah, during the conference.