“Fincantieri and EDGE Group Unite for Groundbreaking Multi-Billion Euro Partnership in Shipbuilding”
EDGE, one of the foremost advanced technology and defense conglomerates globally, alongside Fincantieri, a leading entity in the shipbuilding sector, has initiated a contract to establish a joint venture (JV) aimed at seizing global shipbuilding prospects, particularly focusing on the production of an extensive array of advanced naval vessels. EDGE will possess a 51% interest in the joint undertaking, which boasts a commercial pipeline estimated at around 30 billion euros, with managerial oversight provided by Fincantieri. The Abu Dhabi-based joint venture will be granted preferential rights to non-NATO contracts, particularly capitalizing on the appeal of UAE government-to-government arrangements and export financing packages, in addition to several strategic orders from select NATO member nations.
During a recent trip to Rome, Italy, the term sheet to establish the JV was formalized 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 at Fincantieri. This agreement empowers the JV with strong collaboration to promote its products with the navies of various countries globally, highlighting its international ambitions and dedication to co-developing intellectual property and forward-looking designs. This strategic partnership greatly bolsters EDGE’s capacity to design and construct frigates and other significant vessels, diversifying its operations and representing a vital leap in the expansion of its maritime solution offerings. Furthermore, the JV aspires to initiate an underwater program for mid-size submarines. The establishment of the JV is contingent on a series of customary conditions precedent for such agreements.
Hamad Al Marar, EDGE Group Managing Director and CEO, stated: “Through this revolutionary joint endeavor with Fincantieri, we are not merely expanding EDGE’s diverse capabilities in shipbuilding but also establishing a new benchmark for partnership and knowledge sharing in the global maritime landscape. This collaboration encapsulates our commitment to innovation, harnessing Fincantieri’s incomparable expertise to explore prospects in the international market. This venture exemplifies our strategic vision of growth through collaboration, paving the way for technological advancements and superior naval defense solutions.”
The JV will emphasize sales, commercial activities, and engineering for design and service, taking charge of creating shared intellectual property and maintaining exclusive rights to all forthcoming designs. Additionally, the JV will establish a dedicated design authority, creating opportunities for highly skilled Emiratis while attracting international expertise to support this innovative and strategic enterprise.
Pierroberto Folgiero, CEO and Managing Director of Fincantieri Group, remarked: “We are privileged and enthusiastic about joining forces with EDGE Group to create a distinctive industrial platform capable of addressing, with maximum engagement and unique competencies, the considerable market opportunities originating in the UAE and extending from the UAE to international markets.”
Fincantieri brings to the partnership a remarkable legacy and extensive future-ready expertise, having built over 7,000 ships, and serves as a key supplier to various navies and the cruise ship sector. This collaboration marks a significant milestone in reshaping global naval shipbuilding, underscoring both companies’ leadership in high-value segments and their unwavering commitment to innovation, expertise, and global outreach.
