27 Feb EDGE Group and Fincantieri enter shipbuilding joint venture
EDGE Group and Fincantieri have entered into an agreement aimed at creating a joint venture to capitalise on global shipbuilding opportunities with a focus on the manufacturing of a broad range of sophisticated naval vessels.
According to the agreement, EDGE will hold a 51% stake in the venture, which has a commercial pipeline valued at approximately 30 billion, with management direction provided by Fincantieri.
The Abu Dhabi-based JV 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 several strategic orders placed by select NATO member countries.
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. 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.”
The JV 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.
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.”