Tekcapital PLC announced on Thursday that investee Innovative Eyewear Inc will expand into the Middle East through an exclusive distribution agreement with Ecom Gulf FZCO.

Tekcapital is a London-based intellectual property investor. Innovative Eyewear is the Florida, US-based developer and retailer of ChatGPT-enabled smart eyewear under the Lucyd, Nautica, Eddie Bauer and Reebok brands. Ecom Gulf FZCO, or Mixireal, is a Dubai, UAE-based retailer for augmented reality, virtual reality and smart eyewear.

The distribution agreement covers the Gulf Cooperation Council countries, including the United Arab Emirates, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman.

Harrison Gross, the chief executive officer of Innovative Eyewear, said: ‘We are thrilled to partner with Ecom Gulf FZCO to bring our stylish and user-friendly smart eyewear to the Middle East. This region represents a significant opportunity for growth, with its tech-forward consumers and robust retail landscape.’

Ecom Gulf FZCO will be showcasing Innovative Eyewear products at the Dubai AI & Web3 Festival this month.

Tekcapital shares fell 0.4% to 7.47 pence each in London on Thursday afternoon.

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