China’s on-demand ride-hailing firm, Didi Chuxing (DiDi) has partnered with UAE-based Symphony Investment in a bid to launch a joint venture (JV) across the MENA region. The partnership will see the two companies explore the MENA regions sharing economy and internet-based consumer services.
This partnership was announced by Abu Dhabi’s crown prince Mohammed bin Zayed in China. It will create an opportunity for the companies to set up a JV that will be based in Abu Dhabi. The deal was signed at the UAE-China Economic Forum, organized by the UAE Ministry of Economy, and co-hosted by the Ministry of Commerce of the PRC. HE Sultan Bin Saeed Al Mansoori, the Minister of Economy of the UAE, and Yu Jianhua, Vice Minister of Commerce of the PRC. were witnesses to the signing ceremony.
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The deal will further strengthen the economic ties between the MENA region and China. China is the second-largest trading partner and mutual collaborations have expanded from commerce to finance, manufacturing and even advanced technology.
China’s technology, business development and AI industry have created new opportunities for international cooperation on innovation. The companies will through the partnership, leverage the Chinese technology in boosting their respective strengths and facilitate resource sharing. They will also utilize Chinese technology to bring new operational advantages that will stimulate economic growth and local business innovation in the MENA region.
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