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UAE-Italian venture wins $434m deal for naval vessels

By Pramod Kumar
Abu Dhabi crown prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan at the signing ceremony for the joint venture between Edge and Fincantieri Edge Group
Abu Dhabi crown prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan at the signing ceremony for the joint venture between Edge and Fincantieri

A joint venture between UAE’s state-owned defence company Edge Group and Italy’s Fincantieri will build a shipbuilding facility for advanced naval vessels in Abu Dhabi.

The new venture, Maestral, has secured a large order from the UAE Coast Guard Forces for 10 advanced 51-metre offshore patrol vessels (OPVs) worth €400 million ($434 million).

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Edge owns 51 percent stake in the new venture, which was first announced in February. The company will be awarded prime rights to non-Nato orders and a number of strategic orders placed by selected Nato member countries.

Faisal Al Bannai, chairman of Edge, said the new venture opens up opportunities for Maestral to promote a series of technologically advanced vessels, to navies and coast guards worldwide.

The P51MR Class 51m OPVs are characterised by their high modularity, stability in rough sea conditions, low radar signal signature, and high operational flexibility
The offshore patrol vessels are characterised by their high modularity, stability in rough sea conditions and high operational flexibility

He added that the OPVs will be built in Abu Dhabi and Italian shipyards.

Maestral has a commercial pipeline worth nearly €30 billion.

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

This month Edge acquired 51 percent of a Brazilian company which specialises in the manufacture of non-lethal technologies such as tear gas and rubber bullets.

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