The agreement will create a production chain of naval vessels based in the United Arab Emirates with an estimated value of 30 billion euros
EDGE, one of the world's leading advanced technology and defense groups, and Fincantieri, one of the world's largest shipbuilding companies, have signed a term sheet for creating one j (JV) to seize shipbuilding opportunities globally, with a focus on the production of a vast range of naval vessels and a production chain based in the United Arab Emirates with an estimated value of 30 billion euros. EDGE will hold a 51% stake in j while management will be entrusted to Fincantieri. There j, based in Abu Dhabi, will have pre-emptive rights for non-NATO orders, notably capitalizing on the attractiveness of the UAE's G2G agreements and export credit financing packages, alongside a number of strategic orders placed by some selected NATO member countries.
At Palazzo Marina, Rome, in the presence of the Hon. Matteo Perego of Cremnago, Undersecretary of State for Defense, of the Admiral. team Enrico Credendino, Chief of Staff of the Navy, of the Army Corps General Luciano Portolano, Secretary General of Defense and National Armaments Directorate and, for Fincantieri, of Gen. Claudio Graziano, President, and of Dario Deste, Director General of the Military Ships Division, was formalized on term sheet with the signatures of Hamad Al Marar, CEO and General Manager of EDGE Group e Pier Roberto Folgiero, CEO and General Director of Fincantieri.
The JV will have strong cooperation in the commercialization of its products with the navies of several countries around the world, in line with its global ambition and commitment to the development of joint intellectual property and future design. This strategic agreement enhances EDGE's ability to design and build frigates and other large vessels, broadening its reach and marking a crucial advancement in the diversification of its maritime solutions portfolio. The JV also aims to develop the underwater sector with a medium-sized submarine program. The establishment of the JV is subject to a series of preliminary conditions, usual for an agreement of this type.
It is a real pride to witness the signing of this agreement today” said the Undersecretary of State for Defense Matteo Perego of Cremnago in the evocative Marble Hall of Palazzo Marina, headquarters of the Navy General Staff "between FINCANTIERI and EDGE GROUP which creates the conditions for developing strategic cooperation in the sector of military units and related systems. An agreement that constitutes the framework in which the two important companies can jointly develop innovative solutions in the naval sector, to the benefit of domestic and international markets, leveraging the possibility of transferring know-how and technology, with clear employment implications"
"This industrial agreement” the Undersecretary concluded in his speech delegated by Minister Crosetto to attend the formalization of the agreement between Hamad Al Marar – CEO of EDGE and Pierroberto Forgiero CEO of FINCANTIERI “it reflects the political will of the two countries to consolidate and strengthen the collaborative relationships in the maritime sector already started last year with the visit of the Minister of Defense and President Meloni. An important synergy between Italy and the Emirates that traces further trajectories along which significant strategic and structured collaborations can arise in all defense domains with the aim of developing technological innovation essential to contribute to global security and to the challenges that the international community faces today is facing"
Hamad Al Marar, CEO and General Director of EDGE Group, he has declared: "Through this transformative joint venture with Fincantieri we are not only expanding EDGE's diverse capabilities in shipbuilding, but we are establishing a new benchmark for collaboration and knowledge exchange in the global maritime industry. This partnership embodies our commitment to innovation, leveraging Fincantieri's incomparable expertise to explore opportunities in the global market. This joint venture is a testament to our strategic vision of growth through collaboration, promising a future of technological advancements and improved naval defense solutions".
The JV will focus on sales, business operations and engineering for design and technical support, assuming responsibility for developing shared intellectual property and maintaining exclusive rights to all future designs. Furthermore, the JV will establish a dedicated design authority, opening up new opportunities for highly skilled Emiratis, and attracting international expertise to support this innovative and strategic initiative.
Pierroberto Folgiero, CEO and General Manager of the Fincantieri Group, he has declared: "We are honored and excited to join forces with EDGE Group with the aim of creating a one-of-a-kind industrial platform capable of seizing with maximum entrepreneurial spirit and distinctive skills the notable market opportunities that originate in the United Arab Emirates and extend from the Emirates to international markets".
Fincantieri has an illustrious history and extensive expertise that projects it into the future, boasting over 7.000 ships built, as well as being a key supplier to several navies and the cruise ship industry. This collaboration represents a critical step in redefining global military shipbuilding, highlighting both companies' leadership in high-value segments and their commitment to innovation, expertise and global expansion.
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