This archive report was first published on 24 July 2019.
On July 24, 2019, China's ride-hailing firm Didi Chuxing announced a partnership with UAE's Symphony Investment to launch a joint venture in the Middle East and North Africa (MENA) region.
The joint venture, headquartered in Abu Dhabi, aims to promote the sharing economy and internet consumer services in the region. Didi has investments in both Bolt and Taxify in the region and is likely to invest in many more local internet companies.
The agreement was signed at the UAE-China Economic Forum, which was organized by the UAE Ministry of Economy and co-hosted by the Ministry of Commerce of the People's Republic of China. HE Sultan Bin Saeed Al Mansoori, Minister of Economy of the UAE, and Yu Jianhua, Vice Minister of Commerce of the PRC, attended the signing ceremony.
Didi Chuxing has a history of investing in local ride-hailing companies, including a strategic investment in Careem in 2017. The deal gave Didi access to Careem's over 12 million customers and a variety of mobility services and markets.
Earlier, Didi Chuxing invested an undisclosed amount in Taxify in Europe and Africa to expand its web of influence across the continent and support Taxify's further growth and innovation.
