Abu Dhabi: UAE-based EDGE, leading advanced technology and defence group, and Fincantieri, one of the largest shipbuilding companies in the world, are partnering up creating a joint venture (JV) to capitalise on global shipbuilding opportunities with a focus on the manufacturing of a broad range of sophisticated naval vessels, a media release said on Wednesday.
EDGE will hold a 51 per cent stake in the venture, which has a commercial pipeline valued at approximately 30 billion euro (Dh118.9 billion), with management direction provided by Fincantieri.
The Abu Dhabi-based JV will be awarded prime rights to non-NATO orders, leveraging on the attractiveness of UAE G2G arrangements and export credit financing packages, along with a number of strategic orders placed by select NATO member countries.
During a recent visit to Rome, Italy, the term sheet to create the JV was formalised through the signatures of Hamad Al Marar, Managing Director and CEO of EDGE Group, Pierroberto Folgiero, CEO and Managing Director of Fincantieri and Dario Deste, General Manager of the Naval Vessels Division of Fincantieri.
Jobs, shared IP and designs
The venture will concentrate on sales, commercial operations, and engineering for design and service, taking charge of developing shared intellectual property and retaining exclusive rights to all future designs. Furthermore, the JV will set up a dedicated design authority, opening up opportunities for highly skilled Emiratis, and drawing in international expertise to support this innovative and strategic initiative.
Hamad Al Marar, EDGE Group Managing Director and CEO, said: "Through this transformative joint venture with Fincantieri, we are not just expanding EDGE's diverse capabilities in shipbuilding but setting a new benchmark for collaboration and knowledge exchange in the global maritime industry.”
Pierroberto Folgiero, Fincantieri Group CEO and Managing Director, said: “We are honoured and eager to join forces with EDGE Group with the aim of creating a unique industrial platform able to address with maximum entrepreneurship and distinctive competencies the sizable market opportunities originated in UAE and from UAE to the international markets”.
Fincantieri has an illustrious history and extensive future proof expertise, having constructed over 7,000 ships, and with its role as a key supplier to various navies and the cruise ship industry. The release added that the collaboration represents a pivotal step in redefining global naval shipbuilding, combining the companies' leadership in high-value segments and their commitment to innovation, expertise, and global expansion.
