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EDGE Group, Fincantieri Form MAESTRAL Joint Venture

Our Bureau - : May 20, 2024 - : 11:10 pm

EDGE Group and Fincantieri have inked an agreement to launch MAESTRAL, a shipbuilding Joint Venture (JV) based in Abu Dhabi, on Monday (May 20). The partnership, announced initially in February, aims to tap into global opportunities for advanced naval vessel design and manufacturing. With EDGE holding a 51% stake, MAESTRAL gains priority access to non-NATO orders and select orders from NATO member nations, boasting a commercial pipeline valued at approximately €30 billion.

Following the agreement signing, the JV wasted no time in announcing a substantial order from the UAE Coast Guard Forces. The order entails 10 state-of-the-art 51m Offshore Patrol Vessels (OPVs) valued at €400 million.

The P51MR Class OPVs, based on the Saettia Class, feature high modularity, stability in rough seas, low radar signature, and operational flexibility.

“In just three months since first announcing the creation of this unique venture with Fincantieri, we are now announcing a significant national order for these sophisticated OPVs, to be built both here at our shipyards in Abu Dhabi, and in Italy,” said Faisal Al Bannai, Chairman of EDGE Group.

“Not only does this demonstrate the speed with which EDGE and its partners can operate, and the resources we can mobilise, but fully underscores our strategy of international export growth through mutually beneficial partnerships, the exchange of knowledge and expertise, and the continued pursuit of technological excellence through innovation.”

“It also opens up opportunities for MAESTRAL to promote an extensive portfolio of diverse maritime solutions, including a complete series of technologically advanced vessels, to navies and coast guards around the world,” he added.

“We are proud to announce the creation of MAESTRAL and a first major order since the start of our collaboration with EDGE Group,” said Pierroberto Folgiero, Fincantieri CEO and Managing Director.

“Today’s signing represents concrete evidence of how this Joint Venture is an industrial platform of great value, which will allow us not only to seize the opportunities arising in a strategic market such as the UAE, but also to further develop our commercial capabilities, thus creating new and important opportunities for growth and expansion in the international defence sector in connection with Abu Dhabi export platform.”

MAESTRAL will focus on sales, commercial operations, and engineering for design and service, providing employment opportunities for skilled local and international talent.


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