FENIX, an Abu Dhabi-based e-scooter company backed by venture capital funding from Israel, has bought Turkish scooter company PALM for $5 million, the company reported this week.
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Several thousand scooters, with hand sanitizers built in, will be added to PALM's existing fleet. Other changes, the company said, include a rebranding to reflect the new ownership.
The purchase marks another expansion past the United Arab Emirates for the company, which as of now reaches 13 cities in five Middle Eastern countries.
Following the historic Abraham Accords agreement between Israel and several Arab states, of which the UAE was the first in November 2020, FENIX became the first company to receive Israeli venture capital.
This article was first published by i24NEWS
