EDGE and Fincantieri Launch Joint Venture, Secure First Order for UAE Coast Guard

EDGE, a leading advanced technology and defense group, and Fincantieri, a global shipbuilding giant, have signed a definitive agreement to establish MAESTRAL, a joint venture (JV) focused on advanced naval vessel design and manufacturing.

The JV, first announced in February 2024, formalizes a strategic partnership designed to capitalize on global opportunities in the shipbuilding sector. EDGE will hold a majority stake (51%) in the venture, which will prioritize non-NATO orders and selected strategic orders from NATO member countries. The commercial pipeline for MAESTRAL is estimated at a staggering 30 billion euros.

The signing ceremony, held in Abu Dhabi, was witnessed by His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. This momentous occasion was followed by the immediate announcement of a significant order from the UAE Coast Guard Forces. The order encompasses ten technologically-advanced 51-meter Offshore Patrol Vessels (OPVs) valued at 400 million euros.

These P51MR Class OPVs, derived from the proven Saettia Class design, boast state-of-the-art features. Their modularity, exceptional stability in rough seas, reduced radar signature, and high operational flexibility make them ideal for a variety of maritime security missions.

"This unique venture with Fincantieri signifies a major milestone, " said His Excellency Faisal Al Bannai, Chairman of EDGE Group. "Within just three months, we've secured a significant national order for these sophisticated OPVs. Construction will be divided between our Abu Dhabi shipyards and Fincantieri's facilities in Italy. This not only exemplifies the speed and resourcefulness of EDGE and its partners, but also underscores our commitment to international export growth through collaborative partnerships, knowledge exchange, and continuous technological innovation. "

Pierroberto Folgiero, CEO and Managing Director of Fincantieri, echoed this sentiment. "We are proud to announce the establishment of MAESTRAL and its first major order. This signing ceremony solidifies the immense value of this joint venture. MAESTRAL will not only enable us to capitalize on strategic markets like the UAE, but also to expand our commercial capabilities, fostering new avenues for growth within the international defense sector. "

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