ABU DHABI,
(WAM) — H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has witnessed the signing of an agreement today between EDGE Group, one of the world’s leading advanced technology and defence groups, and Fincantieri, one of the largest shipbuilding companies in the world, formalising the launch of MAESTRAL, an Abu Dhabi-based shipbuilding joint venture (JV) between both companies.
The JV, which was first announced in February of this year, will capitalise on global opportunities for the design and manufacture of advanced naval vessels. EDGE holds a 51 percent stake in the venture, which will be awarded prime rights to non-NATO orders, and a number of strategic orders placed by selected NATO member countries, with a commercial pipeline of orders valued at approximately €30 billion.
H.H. Sheikh Khaled emphasised that this strategic partnership highlights the significant advancements achieved across key priority areas, particularly in the UAE’s military and defence industries, and underscores the exceptional capabilities of Emirati talent and local companies to align with the latest global trends.
He also highlighted that by developing and using innovative solutions, cutting-edge technology and precision sciences, Abu Dhabi is building a defence ecosystem that is able to anticipate and shape the future of defence.
The signing of the agreement was followed immediately by the announcement of a large order by the UAE Coast Guard Forces for 10 technologically advanced 51m Offshore Patrol Vessels (OPVs), valued at €400 million.
The P51MR Class 51m OPVs, based on the mission-proven Saettia Class, are state-of-the-art vessels characterised by their high modularity, stability in rough sea conditions, low radar signal signature, and high operational flexibility.
The signing ceremony was also attended by Faisal Al Bannai, Chairman of EDGE Group; Matteo Perego di Cremnago, Italian Under-Secretary of State for Defense; Admiral OF-9 Enrico Credendino, Chief of the Italian Navy; Hamad Al Marar, Managing Director and CEO of EDGE Group; Dr. Pierroberto Folgiero, CEO and Managing Director of Fincantieri Group; and Dr. Dario Deste, General Manager of the Naval Vessels Division, Fincantieri.
