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The Abu Dhabi-based joint venture is expected to capitalise on shipbuilding orders from both NATO and non-NATO members.
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UAE-owned advanced technology and uncrewed systems developer EDGE and global shipbuilder Fincantieri have announced the creation of a new joint venture, leveraging global growth in the shipbuilding sector.
The joint venture will be based in Abu Dhabi, with EDGE holding a 51 per cent stake in the new company which is expected to have a €30 billion commercial pipeline.
Fincantieri has confirmed that it will provide management direction to the joint venture.
The companies have confirmed that the joint venture “will be awarded prime rights to non-NATO orders, especially 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”.
Already, the two companies have expressed interest in developing a subsea offering, with an eye to developing an underwater program for mid-sized submarines.
The announcement was formalised at Palazzo Marina, Rome, with representatives from the Italian government and military including Matteo Perego di Cremnago, Undersecretary of State for Defence; Admiral Enrico Credendino, Chief of the Italian Navy; and Lieutenant General Luciano Portolano, Italian Secretary General of Defence/National Armaments Director.
Fincantieri chief executive officer and managing director Pierroberto Folgerio explained that the joint venture would be critical to leveraging global markets.
“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,” he outlined.
The joint venture will be crucial for developing EDGE’s naval capabilities, 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,” he said.
“This partnership embodies our commitment to innovation, leveraging Fincantieri’s unmatched expertise to explore opportunities in the global market. This venture is a testament to our strategic vision of growth through collaboration, promising a future of technological advancements and enhanced naval defence solutions.”
