Al Yousuf UAE buys Phoenix electric car firm
Dubai’s Al Yousuf business group, which among its assets can count the Daihatsu dealer franchise in the UAE, has apparently bought out the US-based Phoenix Motorcars firm, in which it was a silent shareholder previously. Phoenix is a builder of niche electric vehicles and went bankrupt recently. Al Yousuf says this could mark the entry of electric vehicles in the UAE and GCC region.