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Twin Vee PowerCats Co. (NASDAQ:VEEE),("Twin Vee" or the "Company"), a manufacturer, distributor, and marketer of power sport boats, today announced a significant expansion of its authorized dealer network with the addition of Maz Boats as its exclusive dealer for Dubai, United Arab Emirates (UAE) and other Gulf Cooperation Council countries like Kuwait, Saudi Arabia, Oman, and Qatar. This new partnership marks the first time in its nearly thirty-year history that Twin Vee products will be sold in the Middle East and underscores the Company's dedication to growing its market share internationally and tapping into the demand for high-quality marine vessels in the region.
Maz Boats, founded in 1993 by the Al Mazrooei family, manufactures a diverse range of patented boat designs, catering to various segments, including recreational, commercial, and military applications. Over the years, Maz Boats has expanded its product offerings to include a wide array of boat configurations, including full and half-cabin designs, ferry boat passenger vessels, monohull designs, and, more recently, survey vessels. Maz Boats' capabilities extend beyond boat design production, encompassing chartering, boat maintenance services, and sales, all to meet the evolving needs of its customers.
Commenting on the partnership, Joseph Visconti, CEO and President of Twin Vee PowerCats Co., expressed his excitement, stating, "Having attended the Dubai International Boat Show for the past two years, I've seen how popular recreational boating is in the region and how much potential there is for growth. We're thrilled to partner with Maz Boats as Twin Vee's exclusive dealer in Dubai. Teaming up presents a tremendous opportunity for both companies to leverage our respective strengths and expertise. Moreover, it allows Twin Vee to tap into Maz Boats' extensive market knowledge and provides an opportunity to showcase our diverse model lines to its customers."
The UAE is experiencing growth in the recreational boating sector, which is expected to surpass $1.2 billion by 2025. One article from regional news source Zawya stated that recreational boating is seeing a fresh wave of new buyers, who are, on average, 15 years younger than they were 20 years ago and less likely to come from boat-owning families. These new boaters utilize their recreational marine craft for family or social purposes, or they have boats used for fishing or a few hours of cruising offshore. Moreover, the availability of port facilities, favorable weather conditions, and an influx of over 8 million tourists every year contribute to the popularity of boating as one of the most favored recreational activities in the region.
The Company's expansion of its dealership network to the UAE marks a new chapter in Twin Vee's evolution. "Twin Vee is not only establishing a presence in a new market by expanding our dealership network," remarks Visconti. "We intend to forge new connections in the region, embrace exciting opportunities to grow, and deliver the performance, innovation, and ride quality that Twin Vee products are known for to customers in the UAE and beyond."
Posted In: VEEE
