Chinese ride-hailing startup DiDi Chuxing to Launch Joint Venture in Abu Dhabi
The Beijing-based transport-tech company signs partnership agreement with Symphony Investment and other institutions to bring services across the Middle East.
Chinese ride-hailing startup DiDi Chuxing has signed a partnership agreement with Symphony Investments and a few other Middle Eastern investment institutions to establish a stable development plan in the Middle East. A joint venture between all participating companies will be set up in Abu Dhabi to promote sharing consumer services and economy in the region, as per the company’s statement.
Symphony Investment is a part of Mohamed AlAbbar’s Emaar Entreprises, and had previously established a joint venture with Italian online luxury retailer Yoox Net-a-Porter Group (YNAG). Symphony is funded by a group of leading multi-national companies in the Middle East, according to the company’s statement.
“The investment institutions will actively partner up with leading Chinese technology companies to leverage their respective strengths, facilitate resource-sharing, and bring new technologies and operational advantages to stimulate economic growth in the region,” the statement says.
After raising $4 billion in late 2017, DiDi reportedly has a valuation of $56 billion. DiDi Chuxing has been slowly expanding its worldwide presence and has launched its ride-hailing services in Mexico, Australia, Japan, and Brazil within the past 18 months.
