Subsea Defence News

21 Feb 2024

Fincantieri and EDGE to Launch JV for Naval Vessels Construction

Hamad Al Marar, EDGE’s Managing Director and CEO, and Pierroberto Folgiero, CEO and Managing Director of Fincantieri (Credit: Fincantieri)

EDGE Group, a United Arab Emirates-based advanced technology and defense group, and Fincantieri, one of the largest shipbuilders in the world, have entered into a term sheet aimed at creating a joint venture (JV) that will focus on the manufacturing of a broad range of sophisticated naval vessels.EDGE will hold a 51% stake in the venture, which has a commercial pipeline valued at approximately $32.4 billion (€30 billion), with management direction provided by Fincantieri.The Abu Dhabi-based JV will be awarded prime rights to non-NATO orders…