FORT PIERCE, FL - Twin Vee PowerCats Co. (NASDAQ:VEEE), a prominent manufacturer of power sport boats, announced today a strategic expansion into the Middle East through an exclusive dealership agreement with Maz Boats for Dubai and the surrounding Gulf Cooperation Council countries.
This move introduces Twin Vee's products to the Middle East for the first time, signaling the company's intent to increase its international market share and capitalize on the growing demand for quality marine vessels in the region.
Maz Boats, established in 1993 by the Al Mazrooei family, is known for its patented boat designs serving recreational, commercial, and military markets. The company also offers chartering, maintenance, and sales services. The partnership with Twin Vee is expected to leverage Maz Boats' regional market expertise and introduce Twin Vee's diverse model lines to a new customer base.
Joseph Visconti, CEO and President of Twin Vee, expressed enthusiasm for the partnership, highlighting the potential for growth in the region's recreational boating sector, which is anticipated to exceed $1.2 billion by 2025. The UAE's favorable weather, robust port infrastructure, and significant tourist influx make it an attractive market for boating activities.
Twin Vee's entry into the UAE marks an important step in the company's growth strategy. Visconti emphasized the company's commitment to establishing new relationships in the market and delivering the quality and performance Twin Vee is recognized for.
The recreational boating market in the UAE is experiencing a surge in interest from younger buyers, with a shift towards family and social boating activities. This demographic change, combined with the region's conducive boating conditions, presents a promising opportunity for Twin Vee and Maz Boats.
This expansion aligns with Twin Vee's nearly three-decade legacy of building and selling boats from its base in Fort Pierce, Florida. The company is known for its catamaran sport boat designs, often referred to as the "Best Riding Boats on the Water™."
The information in this article is based on a press release statement from Twin Vee PowerCats Co. and reflects the company's expectations as of today. It is important to note that forward-looking statements involve risks and uncertainties, and actual results may differ materially from those projected. The company's ability to succeed in the Middle East through its new dealership network will be a key factor to watch in the coming years.
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