United Motors Group Signs MOU with Banma Network to Launch a New Model for Intelligent Electric Services in the Kingdom
The Saudi-Chinese Investment Conference, hosted by the Saudi Ministry of Investment and the Chinese Ministry of Commerce in Beijing on December 12, has successfully concluded. In the context of Saudi Arabia’s “Vision 2030” and the Chinese “Belt and Road Initiative,” the meeting strengthened the strategic partnership between the two countries in the fields of investment, trade, and the economy.
During the conference, more than 60 MOUs were signed with a cumulative value of $25 billion, covering diverse sectors such as e-sports, energy, agriculture, tourism, mining, finance, and automotive. At the major investment MOU signing ceremony, the United Motors Group (UMG) and the Chinese automotive technology company, Banma Network, inked an agreement to enhance cooperation in the field of intelligent car software technology, the ecosystem, and digital services.
Data from the Saudi Arabian Zakat, Tax, and Customs Authority indicate that in 2022, the Kingdom imported 570,000 cars, with 42% of them originating from China. This underscores the advancement of China’s intelligent and electric car industry, aligning closely with Saudi Arabia’s plans and opening vast opportunities for mutual collaboration in this vital sector. Electric-powered cars have recently entered the Saudi Arabian market, and in line with Vision 2030, their development and presence are expected to accelerate, contributing to the improvement of the Kingdom’s infrastructure, electricity, and intelligent services. According to global specialized companies’ research, the market share of new energy vehicles is expected to increase by approximately 10% by 2030.
It is noteworthy that Dr. Zhang Chunhui, CEO of Banma Network, led a team to visit the Saudi Ministry of Investment in November of this year. During this visit, His Excellency Mr. Saleh Al-Khobaji, Deputy Minister of Saudi Investment, stated that operating systems, power networks, environmental services, and intelligent manufacturing are crucial areas needed by the automotive industry in Saudi Arabia. Significant exchange and cooperation with Banma Network and UMG in capital, trade, localization, and other diverse aspects will take place.
To directly provide Chinese electric vehicles in the local market, it is important to complete the infrastructure and offer high-level intelligent, electrified, and digital services, providing users with an entirely new experience. UMG, in collaboration with Banma Network, will introduce several new electric cars and provide a new type of intelligent electric services.
