Didi sets up UAE partnership
Founder and Chairman of Emaar Properties Mohamed Alabbar (center) and Managing Director of Symphony Investment Rashid Alabbar (first on right), sign the memorandum of understanding with Didi Chuxing Senior Vice President Stephen Zhu and CEO Cheng Wei.
Didi Chuxing has signed a strategic agreement with United Arab Emirates’ Symphony Investment Fund to establish a partnership across the Middle East, North Africa and China.
The joint venture will be headquartered in Abu Dhabi. Mubadala Investment Company of Abu Dhabi is also considering joining the consortium.
The MOU was signed at the UAE-China Economic Forum in Beijing on Monday which was organized by the UAE Ministry of Economy and co-hosted by the Ministry of Commerce of China.
Symphony’s investors included property developer Emaar Properties, the leading online market place in the Middle East Noon.com and Dubai-based courier firm Aramax.
The investment institutions in the partnership will actively partner up with Chinese technology companies to share resources and bring new technology and operational advantages to the region.
