ROME \u2014 Italy\u2019s Fincantieri and Emirati defense conglomerate Edge Group have agreed to create an Abu Dhabi-based joint venture to build and sell naval vessels to non-NATO countries, the firms said Tuesday.<\/p>\n\n\n\n
The joint venture, of which Edge will own 51% but Fincantieri will manage, is meant to take advantage of the United Arab Emirates\u2019 credit financing options and relations with other states.<\/p>\n\n\n\n
The venture \u201cwill be awarded prime rights to non-NATO orders, especially leveraging on the attractiveness of UAE [government-to-government] arrangements and export credit financing packages, along with a number of strategic orders placed by select NATO member countries,\u201d the firms said.<\/p>\n\n\n\n
State-controlled Fincantieri is Italy\u2019s main naval contractor and is also building FREMM frigates for the U.S. Navy at its American shipyard.<\/p>\n\n\n\n
Founded in 2019, Edge is an advanced technology group that comprises more than 25 subsidiaries and employs thousands of people.<\/p>\n\n\n\n
In a statement, the firms said they would develop \u201cjoint intellectual property\u201d and \u201csignificantly\u201d enhance Edge\u2019s ability to \u201cdesign and build frigates and other large vessels, broadening its range of operations and marking a crucial advancement in the diversification of its maritime solutions portfolio.\u201d<\/p>\n\n\n\n
The statement noted the joint venture \u201cwill set up a dedicated design authority, opening up opportunities for highly skilled Emiratis, and drawing in international expertise to support this innovative and strategic initiative.\u201d<\/p>\n\n\n\n
The firms added they aim to co-develop midsize submarines.<\/p>\n","protected":false},"excerpt":{"rendered":"
The venture will aim to take advantage of the UAE\u2019s relations with other states and the export credit financing it offers.<\/p>\n","protected":false},"author":7,"featured_media":35824,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":12,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[160,46,11,12,16,36],"tags":[8616],"coauthors":[3345],"class_list":["post-67048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-news-roundup","category-europe","category-global","category-industry","category-naval","category-newsletters","tag-italy"],"acf":{"subheadline":"","legacy_arc_id":"JWCUHBXBG5H6XJ3SSIJ2MDTWMM","arc_canonical_url":"\/industry\/2024\/02\/21\/fincantieri-teams-with-edge-to-sell-to-non-nato-countries\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented By:"},"yoast_head":"\n