<p>Saudi Arabia's Ministry of Investment has signed a $5.6 billion deal with Chinese electric car maker Human Horizons to collaborate on the development, manufacture and sale of vehicles, the Saudi state news agency said in a statement.</p>.<p>The agreement accounts for more than half of the more than $10 billion in investments signed on the first day of an Arab-China business conference in Riyadh on Sunday, in sectors spanning technology, renewable energy, agriculture, real estate, metals, tourism and healthcare among others.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/tata-to-build-rs-13000-crore-ev-battery-plant-in-gujarat-1224938.html" target="_blank">Tata to build Rs 13,000 crore EV battery plant in Gujarat</a></strong></p>.<p>While the relationship between Saudi Arabia, the world's top oil exporter, and China remains anchored by energy ties, there has been a push to boost investments in non-oil sectors as part of the kingdom's diversification agenda.</p>.<p>Part of the Saudi plan is to develop a domestic electric vehicle (EV) manufacturing industry. Human Horizons manufactures electric vehicles under the HiPhi brand in China.</p>.<p>Chinese foreign direct investment into Arab markets stood at $23 billion in 2021, of which $3.5 billion as in Saudi Arabia, the Saudi statement said.</p>.<p>Human Horizons said in March it would launch its premium HiPhi brand in some European markets this year as it looks to expand overseas.</p>
<p>Saudi Arabia's Ministry of Investment has signed a $5.6 billion deal with Chinese electric car maker Human Horizons to collaborate on the development, manufacture and sale of vehicles, the Saudi state news agency said in a statement.</p>.<p>The agreement accounts for more than half of the more than $10 billion in investments signed on the first day of an Arab-China business conference in Riyadh on Sunday, in sectors spanning technology, renewable energy, agriculture, real estate, metals, tourism and healthcare among others.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/tata-to-build-rs-13000-crore-ev-battery-plant-in-gujarat-1224938.html" target="_blank">Tata to build Rs 13,000 crore EV battery plant in Gujarat</a></strong></p>.<p>While the relationship between Saudi Arabia, the world's top oil exporter, and China remains anchored by energy ties, there has been a push to boost investments in non-oil sectors as part of the kingdom's diversification agenda.</p>.<p>Part of the Saudi plan is to develop a domestic electric vehicle (EV) manufacturing industry. Human Horizons manufactures electric vehicles under the HiPhi brand in China.</p>.<p>Chinese foreign direct investment into Arab markets stood at $23 billion in 2021, of which $3.5 billion as in Saudi Arabia, the Saudi statement said.</p>.<p>Human Horizons said in March it would launch its premium HiPhi brand in some European markets this year as it looks to expand overseas.</p>