EDGE deal
Khaled bin Mohamed bin Zayed witnesses signing ceremony formalising EDGE Group-Fincantieri shipbuilding JV MAESTRAL Image Credit: WAM

Abu Dhabi: UAE Coast Guard Forces placed an order for 10 advanced 51-meter Offshore Patrol Vessels (OPVs), valued at 400 million euros (Dh1.6 billion), following the formal signing of Abu Dhabi-based shipbuilding joint venture agreement between Fincantieri and defence technology group EDGE.

The MAESTRAL collaboration, in which EDGE holds a 51 per cent stake,  was initially announced in February. The venture will focus on designing and manufacturing advanced naval vessels, aiming to capture a commercial pipeline of orders worth approximately 30 billion euros (Dh119.7 billion). It will prioritise non-NATO orders and strategic contracts from selected NATO member countries.

The first order of MAESTRAL, which will prioritise non-NATO orders and strategic contracts from selected NATO member countries, includes P51MR Class OPVs, derived from the mission-proven Saettia Class, feature high modularity, stability in rough seas, low radar signature, and high operational flexibility.

Pierroberto Folgiero, Fincantieri Group CEO and Managing Director, said: “We are proud to announce the creation of MAESTRAL and a first major order since the start of our collaboration with EDGE Group.

"Today's signing represents concrete evidence of how this Joint Venture is an industrial platform of great value, which will allow us not only to seize the opportunities arising in a strategic market such as the UAE, but also to further develop our commercial capabilities, thus creating new and important opportunities for growth and expansion in the international defence sector in connection with Abu Dhabi export platform."