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EDGE Group, Fincantieri Begin Joint Shipbuilding Deal

The UAE’s EDGE Group and Italian shipbuilder Fincantieri have signed a deal formalizing the launch of MAESTRAL, a joint shipbuilding venture based in Abu Dhabi.

The program, first announced in February, will see EDGE hold a 51 percent stake in the venture. The company will hold prime rights to non-NATO orders and a number of orders placed by selected NATO members.

Fincantieri will manage MAESTRAL’s remaining 49 percent stake.

EDGE chairman Faisal Al Bannai said the partnership underlines the importance of knowledge exchange and advancements through innovation in the industry.

“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,” Al Bannai said.

MAESTRAL will focus on sales, commercial operations, and engineering for design and service. EDGE estimates that the venture’s initial orders will total 30 billion euros ($33 billion).

UAE’s OPV Order

MAESTRAL’s launch was followed by the UAE ordering 10 P51MR-class offshore patrol vehicles (OPVs), valued at 400 million euros ($435 million).

The P51MR-class OPVs will be based on Italy’s Saettia-class vessels, used mainly for reconnaissance, quick response, and rescue missions.

The OPVs are expected to retain the Saettia-class’ high modularity, stability in rough seas, low radar signal signature, and high operational flexibility.

The companies will build the OPVs at their Abu Dhabi and Italy shipyards.

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