(Beijing, July 22, 2019) Symphony Investment today signed a strategic agreement with Didi Chuxing (“DiDi”) to establish an innovative industry partnership across the MENA region and China. The parties will set up a joint venture headquartered in Abu Dhabi, with an aim to promote sharing economy and internet consumer services in the region. Mubadala Investment Company of Abu Dhabi is evaluating joining the consortium to develop collaborative innovation projects in the region.

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 PRC. HE Sultan Bin Saeed Al Mansoori, Minister of Economy of the UAEHE, and Yu Jianhua, Vice Minister of Commerce of the PRC, attended the signing ceremony.

Economic ties between the Middle East and China continue to strengthen. China is the second largest trading partner of the MENA region, and bilateral cooperation has expanded from commerce to finance, manufacturing and advanced technology.

Technology and business development in China's AI industry has created new opportunities for international cooperation on innovation. The investment institutions in this partnership will actively partner up with leading Chinese technology companies to leverage their respective strengths, facilitate resource sharing and bring new technology and operational advantages to stimulate economic growth and local business innovation in the region.

As the first stage of this multi-level collaboration, the partners will work closely to deliver better products and services to consumers to promote the sharing economy ecosystem and further contribute to economic development and collaboration between China and the MENA region.