“Fincantieri Partners with Saudi Red Sea Authority to Transform Maritime and Coastal Landscapes”
Fincantieri, a prominent player in global shipbuilding, and the Saudi Red Sea Authority (SRSA), which serves as the official regulator for coastal tourism in the Red Sea representing the Kingdom of Saudi Arabia, have today in Riyadh entered into a Memorandum of Understanding (MoU) to explore collaborative prospects in the management and development of maritime and coastal initiatives in the area. The pact was signed by Pierroberto Folgiero, Chief Executive Officer and Managing Director of Fincantieri, along with Mohammed Al-Nasser, Chief Executive Officer of the Saudi Red Sea Authority.
This collaboration will be enabled through Fincantieri Arabia for Naval Services, the Group’s regional branch established in 2024, and aligns with Saudi Arabia’s Vision 2030 initiative aimed at diversifying its economy. This arrangement signals a major achievement in Fincantieri’s ongoing growth within the Kingdom and its dedication to sustainable advancement in the Red Sea environment.
The SRSA, established as a strategic division of the Saudi government, holds an essential role in overseeing and advancing the maritime and coastal domains of the Red Sea. Its mission comprises four essential pillars: regulation, regenerative sustainability, attracting investments, and promoting tourism. Furthermore, the SRSA advocates for the Blue Economy, striving to unveil the region’s extensive economic capacity while guaranteeing environmental stewardship through projects like the Red Sea Project.
This agreement presents Fincantieri with a distinct opportunity to aid the SRSA’s ambitious aims and strengthen its foothold in the rapidly growing Saudi maritime sector. As the Red Sea increasingly becomes vital for global commerce and a rising tourist hotspot, Fincantieri identifies exceptional opportunities for further development and partnerships with local entities in both civilian and military fields, positioning itself as a reliable ally. Possibilities include the manufacture of luxury cruise vessels, along with the establishment of cutting-edge maritime and tourist port infrastructures to meet the escalating demand for high-quality, sustainable facilities.
With its esteemed expertise in ship construction, advanced vessel design, and sophisticated maritime technology, Fincantieri stands as the ideal collaborator for the SRSA’s objectives of enhancing the region’s international profile, boosting tourism, and safeguarding national security.
“This collaboration heralds an exhilarating new phase in our growth within the region, and we take immense pride in joining forces with the Saudi Red Sea Authority,” remarked Pierroberto Folgiero, Chief Executive Officer and Managing Director of Fincantieri. “By melding our commercial capabilities, our shipbuilding know-how, and our proficiency in designing and deploying underwater infrastructure and technologies with the visionary aspirations of the Saudi Red Sea Authority, we aim to contribute substantially to the development of the Red Sea area. Our goal is to help transform it into one of the globe’s premier tourist destinations while ensuring the preservation of its unique natural heritage, both above and beneath the water’s surface.”
As part of its strategic initiative in Saudi Arabia, Fincantieri also inaugurated the new offices in Riyadh of its local subsidiary Fincantieri Arabia for Naval Services today, a decisive step that reinforces the company’s robust commitment to the region and emphasizes its long-term dedication to bolstering the Kingdom’s maritime aspirations.
