EDGE Group & Fincantieri Forge Multi-Billion Euro Naval Venture 

UAE’s EDGE Group and Italian shipbuilder Fincantieri have launched a Multi-Billion Euro Joint Venture, aiming to establish a UAE-based naval manufacturing pipeline worth an estimated 30 billion euros. 

EDGE, an advanced technology and defence group, and Fincantieri, a prominent shipbuilding company, have signed a term sheet to create a joint venture (JV) focused on capitalizing on global shipbuilding opportunities. Under the agreement, EDGE will hold a 51% stake in the venture, which boasts a commercial pipeline valued at approximately 30 billion euros. Fincantieri will provide management direction to the JV. 

The agreement, formalized at Palazzo Marina, Rome, Italy, was attended by dignitaries from both countries, including Matteo Perego di Cremnago, Undersecretary of State for Defence, and Admiral Enrico Credendino, Chief of the Italian Navy. Signatories of the term sheet included Hamad Al Marar, Managing Director and CEO of EDGE Group, and Pierroberto Folgiero, CEO and Managing Director of Fincantieri. 

This landmark agreement grants the JV exclusive rights to non-NATO orders, leveraging the attractiveness of UAE G2G arrangements and export credit financing packages. It also allows for strategic orders from select NATO member countries. 

Hamad Al Marar, EDGE Group Managing Director and CEO, expressed excitement about the collaboration, emphasizing its transformative potential in the maritime industry. He highlighted the partnership’s commitment to innovation and its promise of technological advancements in naval defence solutions. 

The JV’s focus will be on sales, commercial operations, and engineering for design and service, with a dedicated design authority to support the development of future designs. Pierroberto Folgiero, Fincantieri Group CEO and Managing Director, echoed Al Marar’s sentiments, expressing eagerness to leverage Fincantieri’s expertise in addressing global market opportunities. 

With Fincantieri’s extensive experience in shipbuilding and EDGE Group’s advanced technology capabilities, the collaboration marks a significant step in redefining global naval shipbuilding, emphasizing leadership in high-value segments and a commitment to innovation and global expansion.