EDGE 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.
In a press release, EDGE announced it will hold a 51% stake in the venture, which has a commercial pipeline valued at approximately 30 billion euro, with management direction provided by Fincantieri.
The Abu Dhabi-based new company 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.
During a recent visit to Rome, Italy, the term sheet to create the joint venture 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.
