KSA partners with Chinese EV manufacturer Human Horizons: Saudi Arabia’s Investment Ministry has signed a USD 5.6 bn agreement with Chinese electric car manufacturer Human Horizons to develop, manufacture, and sell electric vehicles (EVs), the Saudi Press Agency (SPA) reports. No details were disclosed regarding the location of the facility or a timeline for the launch of the electric vehicles. The agreement was signed on the sidelines of the Arab-China business conference held in Riyadh on Sunday, which saw over 30 agreements signed worth a total USD 10 bn.

Who are Human Horizons? Human Horizons is a Chinese developer of autonomous driving technologies and manufacturer of electric cars under the HiPhi brand, which was the first domestic product to make top sales for luxury electric cars in China. The company has centers in the US, Germany, and Japan. It is unclear whether the new Saudi partnership will include the manufacture of the HiPhi EV.

A Saudi-Chinese copper mining partnership was also inked: Saudi Arabia’s ASK Group and the China National Geological and Mining Corporation signed a USD 500 mn agreement for the development, financing, construction, and operation of an Arabian Shield copper mining project, according to SPA. Copper is one of the critical minerals for EV technologies.

There may be more in the pipeline from China — and KSA welcomes it: The country plans to introduce 1 TW of renewable energy to Africa and the Middle East by 2060, according to SPA. “We came to recognize the reality of today that China is taking, has taken a lead, will continue to take that lead. We don’t have to compete with China, we have to collaborate with China,” Saudi Energy Minister Abdulaziz bin Salman told CNBC on the sidelines of the conference.