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Mon 22 Jul 2019 07:14 PM

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Chinese ride-hailing app Didi to set up JV venture in Abu Dhabi

Beijing-based mobile transportation platform with 550 million users signs partnership agreement with Symphony Investment

Chinese ride-hailing app Didi to set up JV venture in Abu Dhabi

Didi Chuxing, a Beijing-based mobile transportation platform with 550 million users, on Monday signed an agreement with Symphony Investment and other investment institutions in the Middle East to establish a partnership across the MENA region and China.

The parties will set up a joint venture headquartered in Abu Dhabi, with an aim to promote sharing economy and internet consumer services in the region, a statement said.

It added that Mubadala Investment Company is evaluating joining the consortium to help expand Didi in the region.

Symphony Investment is funded by the likes of Emaar Properties, e-commerce venture Noon, logistics giant Aramex and food firm Americana Group.

"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, which was signed at the UAE-China Economic Forum, which was organised by the UAE Ministry of Economy, comes as economic ties between the Middle East and China continue to strengthen.

China is the second largest trading partner of the MENA region, and bilateral cooperation has expanded from commerce to finance, manufacturing and advanced technology.

Outside China, Didi currently provides ride-hailing services in Brazil under the 99 brand, operates Didi-branded mobility services in Mexico, Chile, Colombia and Australia, and provides taxi-hailing service in Japan through a joint venture.

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