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Chinese ride-hailing giant Didi Chuxing and regional investment firm Symphony Investment set up a joint venture to promote sharing economy and Internet consumer services across the Middle East and North Africa (MENA) region and China, it was announced on Monday.
Symphony Investment, whose investors include developer Emaar Properties; e-commerce company noon.com, logistics firm Aramex and food manufacturer Americana Group, said in a statement that the joint venture would be headquartered in Abu Dhabi, the capital of United Arab Emirates (UAE).
The statement said Abu Dhabi’s Mubadala Investment Company is evaluating joining the venture.
The statement also noted that “investment institutions in this partnership will actively partner up with leading Chinese technology companies to leverage their respective strengths, facilitate resource sharing and bring new technology and operational advantages to stimulate economic growth and local business innovation in the region.”
The agreement was signed at the UAE-China Economic Forum in Beijing on Monday, July 22, the statement added.
(Writing by Anoop Menon; editing by Mily Chakrabarty)
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