Saudi Arabia strengthens ties with China through $5.6bn EV deal.

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, accounting 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. The agreement is part of Saudi Arabia's plan to develop a domestic electric vehicle (EV) manufacturing industry and diversify its economy away from oil.