Fincantieri Partners with Saudi Red Sea Authority to Transform Maritime Coastal Futures
Fincantieri, a prominent player in the global shipbuilding industry, and the Saudi Red Sea Authority (SRSA), the official overseer of coastal tourism for the Red Sea on behalf of the Kingdom of Saudi Arabia, have today formalized a Memorandum of Understanding (MoU) focused on investigating joint ventures in the advancement and administration of maritime and coastal pursuits within the area. The signing ceremony took place in Riyadh and was executed by Pierroberto Folgiero, Chief Executive Officer and Managing Director of Fincantieri, and Mohammed Al-Nasser, Chief Executive Officer of the Saudi Red Sea Authority.
The alliance will be spearheaded through Fincantieri Arabia for Naval Services, the Group’s localized branch established in 2024, and is in line with the Kingdom of Saudi Arabia’s Vision 2030 initiative aimed at economic diversification. This agreement symbolizes a crucial milestone in Fincantieri’s ongoing growth within the Kingdom and its dedication to fostering sustainable development in the Red Sea ecosystem.
The SRSA, conceived as a strategic extension of the Saudi government, plays a pivotal role in the governance and enhancement of the Red Sea’s maritime and coastal industries. Its core responsibilities encompass four essential areas: regulation, sustainable regeneration, investment attraction, and the promotion of tourism. Furthermore, the SRSA advocates for the Blue Economy, seeking to unlock the extensive economic potential of the region while ensuring ecological stewardship via initiatives such as the Red Sea Project.
This agreement offers Fincantieri a distinctive opportunity to back the SRSA’s ambitious objectives and strengthen its foothold in the swiftly growing Saudi maritime arena. As the Red Sea elevates its status as a vital channel for global commerce and a burgeoning tourist hotspot, Fincantieri recognizes vast prospects for future growth and collaboration with local partners across both civilian and military domains, positioning itself as a reliable ally. Potential projects include the construction of luxury cruise liners and the establishment of cutting-edge maritime and tourist harbor facilities to meet the escalating demand for premier, sustainable infrastructure.
With its celebrated expertise in ship construction, innovative vessel designs, and advanced maritime technologies, Fincantieri emerges as the perfect partner for the SRSA’s vision of elevating the region’s international profile, fostering tourism, and enhancing national security.
“This partnership heralds an exhilarating new phase in our development within the region, and we take immense pride in collaborating with the Saudi Red Sea Authority,” stated Pierroberto Folgiero, Chief Executive Officer and Managing Director of Fincantieri. “By merging our commercial capabilities, shipbuilding knowledge, and our experience in creating and deploying underwater infrastructure and technologies with the visionary targets of the Saudi Red Sea Authority, we aspire to play a pivotal role in the development of the Red Sea region. Our goal is to position it as one of the globe’s premier tourist attractions while ensuring the preservation of its remarkable natural heritage, both above and below the ocean’s surface.”
In line with its strategic initiatives in Saudi Arabia, Fincantieri also unveiled the new offices in Riyadh for its local subsidiary Fincantieri Arabia for Naval Services, a step that reinforces the company’s robust commitment to the region, emphasizing its long-term focus on bolstering the Kingdom’s maritime endeavors.
