Chinese ride-hailing giant Didi Chuxing set up a partnership with Mohamed Alabbar’s Symphony Investments to jointly explore opportunities in the sharing economy and internet-based consumer business in the Mideast and North Africa, according to an agreement signed Monday in Beijing.
Didi and Symphony will create a joint venture based in Abu Dhabi, according to the agreement. Abu Dhabi's strategic investment firm Mubadala Investment Co. is also interested in the partnership, Didi said.
The partnership was announced during a visit to China by Mohammed bin Zayed, Abu Dhabi’s crown prince and the deputy supreme commander of the UAE’s armed forces.
The deal underscores Didi’s ambition to expand its presence abroad. Since 2017, the ride-hailing company has made investments or set up partnerships with several overseas rivals including Uber, Lyft, Brazil's 99 and Dubai-based Careem.
Didi completed its most recent round of fundraising of $4 billion from a group of investors including Japan’s Softbank Group and Mubadala Investment.