EDGE and Fincantieri formed a joint venture company MAestRAL concerning the construction of new OPVs

EDGE The Group and Fincantieri today signed an agreement to form Joint Venture MAESTRAL. The ceremony took place in Abu Dhabi, in the presence of Sheikh Khaled bin Mohamed bin Zayed Al Nahyana. During the event, an order was announced for the construction of ten 51-meter patrol vessels (OPV) for the UAE Coast Guard to be carried out by MAestRAL.

The value of the contract is EUR 400 million. New OPVs are intended to increase safety in the waters of the United Arab Emirates. MAestRAL, with 51% participation by EDGE, will focus on designing and building these units. The P51MR OPV ships, 51 m long, feature modularity, stability and low effective reflective surface. Cooperation between EDGE and Fincantieri opens new opportunities in the international market.

These units are based on the project of proven Saettia patrolmen, whose task is, among others, to combat drug smuggling in Panamanian coastal waters.

The contract was signed in the presence of important personalities. There were Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince Abu Dhabi, and Faisal Al Bannai, Chairman of EDGE Group. Matteo Perego di Cremnago, Deputy Minister of Defence of Italy, and Enrico Credendino, Chief of the Italian Navy were also present. The event also featured Hamad Al Marar, CEO of EDGE Group, Dr. Pierroberto Folgiero, CEO of Fincantieri Group, and Dr. Dario Deste, Director General of the Fincantieri Warship Department.

There is great strength in strong partnerships, both new and old. Today we are very pleased to announce that we have signed an agreement for the MAESTRAL joint venture with EDGE, one of the world’s leading advanced technology and defense groups. The signing was followed by an an... pic.twitter.com/PjcHeAFCWA
— Fincantieri (@Fincantieri) May 20, 2024

Faisal Al Bannai, Chairman of the EDGE Group, said: "Just three months after the announcement of this project from Fincantieri, we are announcing a significant national order for advanced OPVs. They will be built both in our shipyards in Abu Dhabi and in Italy. This shows how quickly EDGE and its partners can act and what resources they can mobilise. This highlights our export growth strategy through partnerships, knowledge exchange and innovation. MAESTRAL opens new opportunities to promote advanced maritime solutions for naval and coastal navyrs worldwide."

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Pierroberto Folgiero, CEO of Fincantieri, added: "We are proud of the creation of MAESTRAL and the first large order since the beginning of cooperation with EDGE Group. Today's signing shows how valuable an industrial platform this joint venture is. This will allow us to exploit opportunities in the UAE market by developing our trading capacity. We create new, important opportunities for growth and expansion in the international defence sector."

MAESTRAL will focus on sales, commercial activities and designing and servicing, while creating valuable employment opportunities for highly qualified local and international professionals.

Written by Mariusz Dasiewicz/Fincantieri