EDGE and Fincantieri have formalized the launch of a joint venture dubbed MAESTRAL, a JV created in the shipbuilding sector based in Abu Dhabi.
The JV is aiming to capture global opportunities in the design and manufacturing of naval vessels. EDGE holds a 51% stake in the JV, with pre-emptive rights for non-NATO orders along with a number of strategic orders placed by selected NATO member countries, with a commercial pipeline of orders estimated to be worth around $32.6 billion.
Image courtesy EDGE Group and Fincantieri Image courtesy EDGE Group and Fincantieri
The signing of the agreement was followed by the announcement of an order of ten (10) 51 meter offshore patrol vessels (OPVs) by the United Arab Emirates Coast Guard Forces, worth $434m. The 51 meter OPVs of the P51MR class are based on the Saettia class.
MAESTRAL will focus on sales, business operations and engineering for design and technical support, while offering valuable employment opportunities to highly skilled local and international talent.
The signing ceremony took place in the presence of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and was attended by H.E. Faisal Al Bannai, Chairman of EDGE Group, Hon. Matteo Perego di Cremnago, Italian Undersecretary of State for Defence, of the team Admiral Enrico Credendino, Chief of Staff of the Italian Navy, of Hamad Al Marar, General Director and CEO of the EDGE Group, of Pierroberto Folgiero, CEO and General Director of Fincantieri and Dario Deste, General Director of Fincantieri's Military Ships Division. Image courtesy EDGE Group and Fincantieri