SHANGHAI: Chinese ride-sharing firm Didi Chuxing said Thursday it had raised $4 billion from investors, months after a funding round that made it Asia’s most valuable startup, as it presses on with a global battle with US giant Uber.
Local and foreign groups contributed to the huge pot, which will be used to fuel Didi’s global expansion and support new developments in artificial intelligence and new energy vehicles, the company said in a statement.
Didi, which bought Uber’s China operations last year, has nearly half a billion users around the world and handles up to 25 million rides per day. It will see its valuation rise to $56 billion, sources close to the matter said.
It became Asia’s most valuable startup in April with a valuation of $50 billion after its previous round of fundraising.
Uber and Didi have been fighting a global turf war since Didi bought out the US firm’s China operations.
Didi has been battling for international market share with Uber by working with local firms through investment or partnership, including Southeast Asia’s Grab, India’s Ola, US-based Lyft, and Europe’s Taxify.
Bloomberg News reported in October that Didi was also in talks with Japanese taxi operator Daiichi Koutsu Sangyo to provide riding services for Chinese tourists in Japan.
Japanese telecoms giant Softbank, which already has stakes in the Chinese firm, is among the backers in the latest fundraising round along with Abu Dhabi’s Mubadala Capital, the sources said.
More than 260,000 electric vehicles are running on Didi’s network now and the firm has also set up a joint venture to build its own charging networks, the firm’s chief executive Cheng Wei said last month.
China’s ride-hailing firm Didi raises $4 billion to fund global turf war with Uber
China’s ride-hailing firm Didi raises $4 billion to fund global turf war with Uber
Saudi energy minister holds series of high-level meetings to cement collaborations
RIYADH: Saudi Arabia’s Minister of Energy held a series of strategic meetings in Riyadh with senior ministers from various counties, in a diplomatic push to bolster international energy collaboration.
Officials from Greece, Brazil, and Morocco were among those to meet with Prince Abdulaziz bin Salman, as well as representatives from Libya and Pakistan.
The discussions centered on expanding cooperation across a wide spectrum of energy sectors, from traditional hydrocarbons to cutting-edge clean technologies, according to the Saudi Press Agency.
The engagements underscored Saudi Arabia’s proactive role in shaping the global energy transition through bilateral partnerships. A consistent theme across the talks was the dual focus on securing energy supplies and advancing climate-related solutions, including renewable power, clean hydrogen, and carbon management.
Deepening European and South American ties
Prince Abdulaziz bin Salman met with Greece’s Minister of Environment and Energy, Stavros Papastavrou. Building upon a previously signed Memorandum of Understanding, the two officials explored avenues for joint cooperation in oil and gas, electricity, and renewables, as well as other related sectors.
In a separate meeting with Brazil’s Minister of Mines and Energy, Alexandre Silveira, the parties discussed prospects for collaboration across various energy domains. They reviewed means to enhance coordination, particularly in electricity, renewables, oil and gas, and the exchange of technical expertise.
Signing a program with Morocco
A key outcome emerged from the meeting with Morocco’s Minister of Energy Transition and Sustainable Development, Leila Benali. Following their discussions on mutual interests, investment opportunities in renewables, and energy efficiency, the two sides signed an executive cooperation program.
This program, falling under an MoU signed in May 2022, aims to concretize the energy partnership. Its goals are boosting mutual investments in renewable projects and enabling national companies to collaborate on renewable energy projects.
It also encompasses using renewables in development projects, establishing joint research and development centers, and facilitating training and knowledge transfer.
Strengthening regional and Islamic cooperation
Prince Abdulaziz also conferred with Libya’s Minister of Oil and Gas, Khalifa Rajab Abdulsadek. Their meeting focused on energy cooperation, including energy technologies and solutions, as well as enhancing investment opportunities in renewables and energy efficiency.
Discussions with Pakistan’s Minister of Petroleum, Ali Pervaiz Malik, covered shared interests in oil and its supplies, renewable energy, energy efficiency, joint investment opportunities, and the exchange of expertise in project, policy, and regulatory development.
This flurry of diplomatic activity highlights Saudi Arabia’s comprehensive energy strategy, which seeks to maintain its leadership in traditional energy markets while pursuing a stake in the future clean energy economy.
