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A 30 billion euro business with the operational arm in Abu Dhabi and the management heart in Italy. Fincantieri has reached an agreement with the Emirati Edge, one of the world‘s leading advanced technology and defense groups, for the creation of a joint venture capable of seizing the opportunities of shipbuilding on a global level, with a focus on the production of a wide range of military ships and a production chain based in the United Arab Emirates. According to the term sheet signed between the two parties, Edhe will hold a 51% stake in the joint venture while management will be entrusted to Fincantieri. The joint venture, based in Abu Dhabi, will be, according to the definition of the Emirati leaders, “transformative”; will have – according to what Fincantieri itself details – pre-emption rights for non-NATO orders, taking advantage in particular of the attractiveness of the United Arab Emirates’ G2G agreements and export credit financing packages, together with a series of strategic orders placed by some selected NATO member countries.
The agreement was signed at Palazzo Marina, Rome, in the presence of representatives of the Italian Government and Armed Forces, by Hamad Al Marar, CEO and General Director of Edge Group and by Pierroberto Folgiero, CEO and General Director of Fincantieri.
The jv – explains Fincantieri – will have solid cooperation in the marketing of its products with the navies of various countries around the world, in line with its global ambition and commitment to the development of joint intellectual property and future designs. This strategic agreement notably enhances Edge’s ability to design and build frigates and other large vessels, broadening its reach and marking a crucial advance in the diversification of its maritime solutions portfolio. The agreement also aims to develop the underwater sector with a program of medium-sized submarines.
With this operation «we are not only expanding Edge’s various capabilities in naval engineering – explains Hamad Al Marar, CEO and general manager of Edge -, but we are establishing a new point of reference for collaboration and the exchange of knowledge in the global maritime industry. This partnership embodies our commitment to innovation, leveraging Fincantieri’s incomparable expertise to explore opportunities in the global market; represents a testament to our strategic vision of growth through collaboration, promising a future of technological advancements and improved naval defense solutions.”
In detail, the jv will focus on sales, commercial operations and engineering for design and technical assistance, taking responsibility for developing the shared intellectual property and maintaining exclusive rights to all future designs. Furthermore, the jv will establish a dedicated design authority, opening up new opportunities for highly skilled Emiratis, and attracting international expertise to support this innovative and strategic initiative.