Industry UAE’s Edge sets up venture with Italian shipbuilder By Pramod Kumar February 22, 2024, 4:24 AM 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. UAE’s Edge buys 52% stake in Swiss UAV maker UAE defence ministry signs $264m deals UAE’s Edge buys 50% of Brazil’s smart weapons firm 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.
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Logistics Fall of Assad reopens Syria route to Gulf for Turkey’s truckers The overthrow of the Bashar Al-Assad regime is great news for Turkey’s logistics sector, with hopes that the direct land route to the Gulf region through Syria may soon be re-established. While there will be strong demand for logistics in Syria as the country rebuilds after 13 years of civil war, Turkey’s truckers are looking […] 1 hour ago
