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Subsea Defence News

21 Feb 2024

Fincantieri and EDGE to Launch JV for Naval Vessels Construction

Hamad Al Marar, EDGEā€™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 (ā‚¬30 billion), with management direction provided by Fincantieri.The Abu Dhabi-based JV will be awarded prime rights to non-NATO ordersā€¦

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