Alibaba-backed Banma inks agreement with Saudi Aribia’s United Motors Group

Beijing (Gasgoo)- On December 12, the China-Saudi Investment Conference took place in Beijing. Within the framework of China's "Belt and Road" initiative and Saudi Arabia's "Vision 2030," the conference strengthened strategic partnerships between the two nations across investment, trade, and economic domains. 

Photo credit: Banma

The collaboration spans various sectors including clean energy, investment, tourism, shipping, supply chains, digital economy, artificial intelligence, and automotive technology.

Banma, the Alibaba and SAIC Motor-backed intelligent vehicle solution provider, formalized a strategic agreement with Saudi Arabia’s United Motors Group (UMG) during a significant collective investment signing ceremony. The pact aims to delve deep into collaborations concerning smart automotive software technology, ecosystem development, and digitized services.

In November this year, Dr. Zhang Chunhui, CEO of Banma, led a delegation visiting the Ministry of Investment of Saudi Arabia (MISA). During this visit, Saleh AI-Khabti, Deputy Investment Transactions Minister of the MISA, highlighted operating systems, energy networks, ecosystem services, and intelligent manufacturing as pivotal areas for the Saudi automotive industry. Both entities expressed intentions to deepen exchanges and collaborations encompassing capital, business, and localization.

Situated at the nexus connecting Asia, Africa, and Europe, the Kingdom of Saudi Arabia holds strategic importance within the "Belt and Road" initiative. The nation's emphasis on clean energy, finance, digital economy, high-end manufacturing, and new energy vehicles aligns with China's strengths in intelligent and electric vehicle production, offering substantial potential for fruitful collaboration and mutual complementarity.