Italian shipbuilder Ferretti Group has inked a deal with AAA Marine, a merger between Al Otaiba Investment and RIC Holding, to become the authorized dealer of the brand in the UAE and Oman.
The deal, signed at Emirates Palace in Abu Dhabi, will see AAA Marine as the regional representative of the shipyard’s core brands: Ferretti, Riva, Pershing, and Itama.
“We are delighted to begin this new chapter with AAA Marine. Their forward-thinking vision, combined with Abu Dhabi’s dynamic approach to maritime tourism development, makes this partnership particularly significant – as a catalyst for our strategic expansion into the Middle East region. As the UAE and Oman continue to demonstrate rapid growth potential within the luxury yachting market, we look forward to enhancing the presence of Italian-crafted excellence and timeless design for all discerning customers across the region,” said Ferretti Group CEO Alberto Galassi.
“This agreement reflects our commitment to aligning AAA Marine with world-class brands and responding to the region’s growing demand for premium marine experiences. Through this collaboration, we will introduce elevated offerings to customers, investors, and waterfront developments across the UAE and Oman. Indeed, AAA Marine, formed through a strategic merger between Al Otaiba Investment and RIC Holding, is uniquely positioned to drive this next chapter of luxury marine development in the region,” added CEO of RIC Holding & NG9 Holding, Alaa Al Ali.
In the Italian builder’s third-quarter earnings report, Ferretti showed a 2.5% increase in both revenue, to €887 million, and EBITDA, to €142 million. In comparison, order intake rose 4.6% to €771 million, and net profit totaled €61 million.
With 55 dealers in 70 countries, Ferretti Group’s other dealer in the Middle East is Sea Pros, the brand’s sales representative in Jordan, Kuwait, Lebanon, and Saudi Arabia.