Chinese unicorn partners with Middle Eastern investment institutions to expand in the MENA region
- Didi Chuxing is a mobile transportation service based in Beijing with more than 500 million users.
- Apart from the Chinese market, Didi operates in Brazil, Chile, Mexico, Australia and Columbia.
- The company also runs taxi-hailing services through a joint venture in Japan.
Chinese unicorn Didi Chuxing has signed a strategic agreement with Symphony Investment and some other investment institutions in the Middle East this Monday. The agreement will enhance the partnership between the MENA region and China.
According to Arabian Business, the parties that signed the agreement will set up an Abu Dhabi based joint venture, aiming to promote internet consumer services and sharing economy in the region.
A statement said that the Mubadala Investment Company is considering joining the consortium as well.
Symphony Investment has renowned funders such as Emaar Properties, Aramex, Americana Group and Noon. The company is thrilled about the partnership with Didi as it sees massive potential in the mobile transportation platform’s growth in the region.
"The investment institutions 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 in the region," the statement said.
The agreement was signed at the UAE-China Economic Forum, organized by the UAE Ministry of Economy.
China currently ranks second among the trading partners of the MENA region and the bilateral cooperation between the two includes finance, manufacturing, technology and commerce.