Fincantieri to Establish Shipbuilding Subsidiary in Saudi Arabia
Italian shipbuilder Fincantieri will expand its cooperation with Saudi Arabia through its new unit Fincantieri Arabia, the group said on Wednesday.
The Saudi unit will support the kingdom's Vision 2030 development agenda in the cruise, defense and offshore sectors, Fincantieri said in a press release, released on the margins of an industrial conference.
State-controlled Fincantieri has extended its presence in the Middle East in recent years. In March 2023, its Chief Executive Pierroberto Folgiero said the group would enter the Saudi market and was well positioned for growth in the region.
The Italian group is also seeking to increase its focus on defence, a sector that currently accounts for around a quarter of its revenues.
CEO Folgiero said in a statement: "Given the maritime industry's pivotal role under Vision 2030, we eagerly anticipate establishing strategic partnerships".
On Monday, Fincantieri finalized a shipbuilding joint venture (JV), named Maestral, with Abu Dhabi-based EDGE Group.
The two groups said they signed a 400-million-euro ($433 million) contract with the United Arab Emirates' Coast Guard forces to supply 10 advanced 51-metre offshore patrol vessels (OPV).
($1 = 0.9231 euros)
(Reuters - Reporting by Alessandro Parodi; Editing by Keith Weir)