UAE - Mubasher: Didi Chuxing, leading mobile transportation platform based in China, has signed a strategic agreement with the UAE’s Symphony Investment and other leading investment institutions in the Middle East.
Upon the agreement, all parties will establish a joint venture (JV) headquartered in Abu Dhabi to promote innovative industry partnership across the MENA region and China, according to a press release.
The JV aims to encourage sharing economy and internet consumer services in the region.
Moreover, Abu Dhabi-based Mubadala Investment Company currently considers joining the consortium to help extend DiDi’s presence in the region, the release noted.
The agreement was signed at the UAE-China Economic Forum, which was organised by the UAE Ministry of Economy and co-hosted by the Ministry of Commerce of China.
“As the first stage of this multi-level collaboration, the partners will work closely to deliver better products and services to consumers to promote the sharing economy ecosystem and further contribute to economic development and collaboration between China and the MENA region,” the release said.
China, the second-largest trading partner of the MENA region, is working on strengthening its economic ties and bilateral cooperation with the Middle East.
