Fincantieri joins forces with EDGE Group to launch a joint venture in naval defense sector.

According to a PR published by Fincantieri on February 21, 2024, EDGE Group, a Emirati entity in technology and defense, and the shipbuilding Fincantieri have announced the launch of a groundbreaking joint venture (JV).
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EDGE Group CEO, Hamad Al Marar and CEO Fincantieri, Pierroberto Folgiero. (Picture source: Fincantieri)

This collaboration, valued at an astounding 30 billion euros, aims to seize global shipbuilding opportunities, focusing on the production of a wide array of sophisticated naval vessels. With EDGE Group holding a 51% majority stake and Fincantieri providing management expertise, the JV is set to revolutionize the naval defense sector.

The partnership was officially sealed in Rome, Italy, underscoring the strategic alliance between these two industry giants. The JV, headquartered in Abu Dhabi, is poised to become a prime contender for non-NATO orders, benefiting from the strategic advantages of UAE's government-to-government arrangements and attractive export credit financing packages. Additionally, it has secured strategic orders from select NATO member countries, showcasing its global reach and ambition.

This JV is not just a business venture but a platform for innovation and knowledge exchange in the maritime industry, aiming to enhance EDGE's capabilities in designing and building frigates and other large vessels.

Furthermore, it hints at future endeavors into underwater programs, including mid-size submarines, marking a significant expansion in EDGE's maritime solutions portfolio. This collaboration is expected to set new benchmarks in shipbuilding, emphasizing the creation of joint intellectual property and future designs.