Skip to content Skip to Search
Skip navigation

UAE’s Edge sets up venture with Italian shipbuilder

Hamad Al Marar, CEO of Edge Group and Pierroberto Folgiero, CEO of Fincantieri at the term sheet fomalisation ceremony Wam
Hamad Al Marar, CEO of Edge Group and Pierroberto Folgiero, CEO of Fincantieri at the term sheet fomalisation ceremony

The UAE’s state-owned defence company Edge Group and the Italian shipbuilding company Fincantieri have agreed to launch a new venture to manufacture naval vessels.

Edge will hold a 51 percent stake in the venture, which has a commercial pipeline worth nearly €30 billion ($32 billion). Fincantieri will manage the new entity.

The Abu Dhabi-based joint venture will be awarded prime rights to non-Nato orders, leveraging the UAE government-to-government arrangements, export credit financing packages and several strategic orders placed by select Nato member countries.

The term sheet for the venture was formalised by Hamad Al Marar, managing director and CEO of Edge Group, Pierroberto Folgiero, CEO and managing director of Fincantieri, and Dario Deste, general manager of the naval vessels division of Fincantieri, the UAE’s state-run Wam news agency reported.

The agreement will boost Edge’s ability to design and build frigates and other large vessels, and increase the diversification of its maritime solutions portfolio.

The joint venture will also develop an underwater programme for mid-size submarines, subject to a series of conditions.

It will focus on sales, commercial operations, and engineering for design and service, develop shared intellectual property and retain exclusive rights to all future designs.

The new company will also establish a dedicated design authority, opening opportunities for highly skilled Emiratis.

Fincantieri has built more than 7,000 ships and is a key supplier to the Italian navy and the cruise ship industry.

Latest articles

A square in Cairo

‘Worst is behind us’ in Egypt’s black market dollar war says BMI

The Egyptian government’s priority for 2024 should be to keep the gap between the official and parallel exchange rates for Egypt’s pound and the US dollar as narrow as possible, says BMI Research. In a webinar on Tuesday BMI, a Fitch Group firm specialised in country risk, said that “the worst is behind us” in […]

Oman UAE deals Sultan of Oman president of UAE

Oman and UAE sign deals worth $35bn

The UAE and Oman have announced a host of new commercial and business deals worth a total of AED129 billion ($35 billion). The partnerships were agreed during Monday’s state visit to the Emirates by the ruler of Oman, Sultan Haitham bin Tariq al Said.  Investment and collaboration agreements covered areas including renewable energy, green metals, […]

A silver trader in his shop in Ahmedabad, India. India is sourcing an increasing amount of its silver from the UAE

India’s silver imports from UAE on the rise

Supplies of silver to India from the UAE have increased this year, as the Emirates’ exporters benefit from an agreement signed between the countries two years ago. The India-UAE comprehensive economic partnership agreement signed in 2022 has significantly boosted imports, according to a report by Indian English-language business newspaper The Financial Express.  The UAE route […]

A worker at Al Faw Grand Port. The Development Road project aims to connect the port with Turkey

Gulf to collaborate on $17bn Suez Canal road and rail rival

The $17 billion “Development Road” project is moving ahead after the UAE, Iraq, Qatar and Turkey signed a quadrilateral cooperation agreement.  The road and rail collaboration aims to tie the Al-Faw Grand Port in Iraq’s oil-rich south to Turkey, thereby shortening travel time between Asia and Europe in a bid to rival the Suez Canal. […]