EDGE, one of the world’s leading advanced technology and defense groups, and Fincantieri, one of the world’s leading shipbuilding groups, today signed an agreement formalizing the launch of MAESTRAL, the joint venture (JV) created between the two companies in the field of shipbuilding company based in Abu Dhabi. The JV, first announced in February this year, will capture global opportunities in the design and manufacturing of advanced naval vessels. EDGE holds a 51% stake in the JV, with pre-emptive rights for non-NATO orders together with a number of strategic orders placed by some selected NATO member countries, with a commercial pipeline of orders estimated to be worth approximately €30 billion .
The signing of the agreement was followed by the announcement of a major order of 10 technologically advanced 51 meter offshore patrol vessels (OPVs) by the United Arab Emirates Coast Guard Force, worth €400 million. The 51 meter OPVs of the P51MR class, based on the proven Saettia class, are cutting-edge units that stand out for their high modularity, stability in rough sea conditions, reduced radar signature and high operational flexibility.
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 HE Faisal Al Bannai, Chairman of EDGE Group, the Hon. Matteo Perego di Cremnago, Italian Undersecretary of State for Defence, of the Squad 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.
His Excellency Faisal Al Bannai, Chairman of EDGE Grouphe has declared: “Just three months after the launch of this project with Fincantieri, we now announce a major order for sophisticated OPV units, which will be built both in our shipyards in Abu Dhabi and in Italy. This not only demonstrates the speed with which EDGE and its partners can operate and the resources we can mobilize, but fully underlines our strategy of growing exports internationally through mutually beneficial partnerships, the exchange of knowledge and expertise and the continuous pursuit of technological excellence through innovation. Furthermore, it opens up the opportunity for MAESTRAL to promote to navies and coast guards around the world a wide range of diversified naval solutions, including a complete series of technologically advanced vessels “.
Pierroberto Folgiero, CEO and General Manager of Fincantiericommented: “We are proud to announce the birth of MAESTRAL and a first important order since the beginning of our collaboration with the EDGE Group. Today’s signing represents concrete proof of how this joint venture is an industrial platform of great value, which will allow us not only to seize the opportunities that arise in a strategic market such as that of the United Arab Emirates, but also to further develop the our commercial capabilities, thus creating new and important opportunities for growth and expansion in the international defense sector in connection with the Abu Dhab export platformthe”.
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.
Source and photo @Fincantieri
