Zap gets a new chairman: Eqbal Al Yousuf

Posted on May 28 2008 7:41 AM by Asif

Filed Under: Trucks/Pickups ,

Just days after the Al-Yousuf Group bought $475,000 of Zap's convertible debt, the president of that group, Eqbal Al Yousuf, was named chairman of Zap. This is not the first time Zap and Al-Yousuf came together: last November, the group (based in the United Arab Emirates) bought $5 million worth of ZAP shares and Eqbal Al-Yousuf has been on ZAP's Board of Directors since December. Al-Yousuf will become Zap's chairman on June 2. According to Zawya, Zap is the only non-UAE company the Al-Yousuf Group is invested in, but Al Yousuf himself invested in Phoenix Motorcars in December.

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