Italian shipbuilder Fincantieri, one of the world’s largest shipbuilding groups, has announced it will open a new unit in Saudi Arabia named Fincantieri Arabia
The Saudi unit will support the kingdom’s development agenda, focusing on the cruise, defence and offshore sectors and developing more energy-efficient ships, in line with Saudi Arabia’s own stated goal of culling its emissions by 2060.
The announcement was made at the margins of an industry conference in Riyadh themed Where Vision Meets Maritime Excellence, attended by Saudi and Italian government officials including Italy’s Deputy Prime Minister and Minister of Foreign Affairs.
Fincantieri chief executive Pierroberto Folgiero highlighted the Group’s long-term vision, strategy and services that meet the strategic interests and priorities of Saudi Arabi’s own Vision 2030.
The subsidiary will promote the Group’s transversal capabilities in shipbuilding, maritime equipment and systems, and naval logistic support services, including training and simulation; co-ordinate stakeholder relationships in the Kingdom and identify local players to work with. Fincantieri Arabia will also include scope for digitalising shipyard operations through new technology such as the use of digital twins, welding robots and unmanned vehicles.
In a press statement, Fincantieri said, “Today’s shipbuilding, with its high capital expenditure components, technologies, and long value chain, plays a pivotal role in Saudi Vision 2030 as the Kingdom fosters new industrial sectors in its transition towards a more sustainable and diversified economy.”
The focus is on transferring technological expertise to create opportunities for Saudi nationals. Mr Folgiero remarked, “Fincantieri stands out in the shipbuilding industry for its vertically integrated model and our leadership across naval, cruise, and oil and gas sectors. We are proud to offer these world-class capabilities built on decades of naval heritage and excellence to help the Kingdom achieve its Vision 2030 objectives.”
“Given the maritime industry’s pivotal role under Vision 2030, we eagerly anticipate establishing strategic partnerships. Through these collaborations, we aim to enhance local technological capabilities, create opportunities for Saudi talent, and foster knowledge exchange.”
This year, the company signed an MoU to help support training Qatar’s Emiri Naval Force and this week, finalised a joint venture named Maestral, with Abu-Dhabi based Edge Group. The venture is aiming at capturing a slice of the naval vessel market. Edge holds a 51% stake in the JV, with pre-emptive rights for non-NATO orders along with several strategic orders placed by select NATO member countries. The UAE Coast Guard has since placed an order for 10, 51-m patrol vessels.
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