EDGE, a leading global technology and defense firm, and Fincantieri, one of the world’s premier shipbuilders, have agreed to form a joint venture (JV) targeting opportunities in shipbuilding worldwide, particularly focusing on the production of advanced naval vessels. Under the terms, EDGE will own a 51% stake in the venture, which boasts a commercial pipeline worth around 30 billion euros. Fincantieri will provide managerial oversight. The JV, based in Abu Dhabi, will have priority access to non-NATO contracts, leveraging UAE G2G agreements and export credit financing, as well as strategic NATO member orders.
The formalization of the JV occurred at Palazzo Marina in Rome, Italy, in the presence of high-ranking officials from both parties and Italian defense authorities. The agreement was signed by Hamad Al Marar, CEO of EDGE Group, and Pierroberto Folgiero, CEO of Fincantieri. This partnership enables the JV to collaborate closely with navies worldwide, showcasing its global aspirations and commitment to shared innovation and future designs. The agreement strengthens EDGE’s capabilities in designing and constructing frigates and other large vessels, expanding its maritime solutions portfolio significantly. Additionally, the JV aims to develop a program for mid-size submarines. The incorporation of the JV is contingent upon customary conditions precedent.
Hamad Al Marar, Managing Director and CEO of EDGE Group, expressed, “Through this transformative partnership with Fincantieri, we are not only expanding EDGE’s capabilities in shipbuilding but also establishing a new standard for collaboration and knowledge sharing in the global maritime sector. This venture underscores our dedication to innovation by leveraging Fincantieri’s unparalleled expertise to explore opportunities worldwide. It reflects our strategic vision of growth through collaboration, promising advancements in technology and enhanced naval defense solutions.”
The joint venture will focus on sales, commercial operations, and engineering for design and service, with a mandate to develop shared intellectual property and maintain exclusive rights to all future designs. Additionally, the venture will establish a dedicated design authority, creating opportunities for skilled Emiratis while attracting international expertise to support this innovative initiative.
Pierroberto Folgiero, CEO and Managing Director of Fincantieri Group, commented, “We are proud and excited to partner with EDGE Group to create a unique industrial platform capable of seizing significant market opportunities originating in the UAE and extending to international markets.”
Fincantieri brings a rich legacy and extensive expertise to the collaboration, having built over 7,000 ships and serving as a key supplier to various navies and the cruise ship industry. This partnership represents a crucial advancement in reshaping global naval shipbuilding, highlighting both companies’ leadership in high-value segments and their commitment to innovation, expertise, and global reach.
