Why oil-rich Middle East is investing big in Chinese NEVs ...Middle East

Middle Eastern nations are looking to the Far East to not just boost the number of New Energy Vehicles (NEVs) on their roads, but also to diversify their oil-dependent economies through sustainable and renewable energy investments. This summer, an Abu Dhabi government-funded investment company, CYVN Holdings, bought a 7 percent stake in China’s leading NEV maker, Nio, for $738.5 million. In June this year, Saudi Arabia’s Ministry of Investment started a joint venture with HiPhi’s Human Horizons with the aim of pumping $5.6 billion into automotive research, manufacturing and sales, as part of the nation’s Vision 2030 economic development strategy. The United Arab Emirates (UAE) plans to bec

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Why oil-rich Middle East is investing big in Chinese NEVs ...Middle East

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