After signing an agreement with the Saudi Ministry of Investment in June 2023 – the Public Investment Fund is discussing with Human Horizon (HiPhi brand) for electric cars to invest $250 million

Previously, the Tenth Arab-Chinese Businessmen Conference witnessed the signing of a number of agreements between the public and private sectors in the Kingdom of Saudi Arabia, which included an agreement worth $5.6 billion between the Saudi Ministry of Investment and the Chinese company ((Human Horizons)), which specializes in developing self-driving technologies and manufacturing electric vehicles under the brand The famous HiPhi brand, to establish a joint venture to research, develop, manufacture and sell vehicles. According to Bloomberg and CNEV, Human Horizons, the Chinese luxury electric vehicle (EV) maker that owns the HiPhi brand, is said to be in talks with the Public Investment Fund to invest at least $250 million in Human Horizons as part of the kingdom’s efforts to build and localize the automotive industry. Locally, Bloomberg reported in a report issued on November 7, citing people familiar with the matter.