Investment Ministry seals $5.6 bln deal with Human Horizons for automotives JV

11/06/2023 Argaam

Ministry of Investment headquarters

The Ministry of Investment and Human Horizons, a Chinese developer of autonomous driving technologies and manufacturer of electric cars under the HiPhi brand, signed a $5.6 billion (SAR 21 billion) agreement.

 

This agreement aims to establish a joint venture for automotive research, development, manufacturing and sales, according to a statement received by Argaam.

 

The deal was concluded among 30 agreements worth $10 billion (SAR 37.5 billion) signed today, June 11, on the first day of the Arab-China Business Conference.

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