Shipbuilder Fincantieri in deal with Saudi Red Sea Authority for maritime development

Dubai: Fincantieri, one of the world’s largest shipbuilding groups, signed an initial deal with the Saudi Red Sea Authority (SRSA), the Kingdom’s regulatory body for coastal tourism, to explore maritime development, shipbuilding, and coastal infrastructure projects in the Red Sea region.

The agreement, signed in Riyadh by Fincantieri CEO Pierroberto Folgiero and SRSA CEO Mohammed Al-Nasser, outlines a framework for cooperation that includes cruise vessel construction and the development of tourism and port infrastructure.

Fincantieri, which has a portfolio spanning civilian and naval shipbuilding, views the Red Sea region as a growing market aligned with Saudi Arabia’s Vision 2030 goals, which include expanding tourism and reducing economic dependence on oil.

Technical expertise

“This partnership supports our ongoing strategy to expand our presence in the region,” said Folgiero. “Our objective is to contribute technical expertise in shipbuilding and maritime infrastructure in support of the Red Sea Authority’s development goals.”

As part of its regional expansion, Fincantieri also inaugurated the new Riyadh offices of its subsidiary, Fincantieri Arabia for Naval Services. The move is aimed at enhancing local engagement and supporting upcoming projects across the civilian and defense sectors.

The SRSA is responsible for regulating and managing coastal tourism and maritime activity along Saudi Arabia’s Red Sea coast. The region is home to several major tourism and infrastructure projects under development, including The Red Sea Project and NEOM.

The MoU is non-binding but signals intent for closer cooperation as both parties evaluate specific initiatives in the coming period.