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Courtesy of Careem

Chinese transportation giant Didi Chuxing has invested an undisclosed amount of funding into Careem, a Dubai-based ride-hailing company that operates in the Middle East and North Africa, as part of a new partnership. Careem recently raised $500 million in funding from Saudi billionaire Prince Alwaleed bin Talal's Kingdom Holding, Daimler, DCM Ventures, and Coatue Management, among others, valuing the company at over $1 billion.

Didi's global game: Didi has already put money into Southeast Asia's Grab, India's Ola, 99 in Latin America, Taxify in Europe and Africa, and Lyft in the U.S. The company has been aggressively investing in and forging partnerships with local players, undoubtedly as part of its ambitions to "play a global game," as president Jean Liu said last year. This strategy also pits it against Uber, which operates in most parts of the world, and in which Didi has a stake thanks to a merger last summer with the company's Chinese operations.

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Joann Muller, author of Navigate
7 mins ago - Politics & Policy

Rail's big moment is arriving

Illustration: Sarah Grillo/Axios

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Why it matters: There's long been bipartisan support for rebuilding America's crumbling infrastructure, but under Biden, the focus has shifted to sustainable projects that fulfill both his climate and equity goals, such as rail transit.

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The "El Chaparral" border crossing at Tijuana. Photo: Stringer/Picture Alliance via Getty Images

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President Biden at the Pentagon on Feb. 10. Photo: Alex Brandon - Pool/Getty Images

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