UAE defence conglomerate Edge is teaming up with Italian shipbuilder Fincantieri to manufacture sophisticated naval vessels and sell them in different markets globally. With a commercial pipeline worth about €30 billion ($32.42 billion), the new Abu Dhabi joint venture will be awarded “prime rights to non-NATO orders” as well as several “strategic orders by select NATO member countries”, leveraging on the UAE’s government to government arrangements and export credit financing packages, Edge said on Wednesday. “This strategic agreement significantly enhances Edge's ability to design 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,” Edge said. Edge will hold a 51 per cent stake in the new joint venture, which also plans to develop an underwater program for mid-size submarines. Set up in 2019, Edge specializes in building advanced technology for weapons systems, cyber protection and electronic warfare and has more than 25 companies under its umbrella. The group has been expanding its portfolio as the UAE, the Arab world’s second-largest economy, focuses on boosting its defence manufacturing capabilities and diversifying its economy from oil. Last year, it bought a 52 per cent stake in Anavia, which builds unmanned helicopters capable of carrying out mission-critical surveillance, reconnaissance and transportation, to boost its portfolio. Edge also announced deals including the acquisition of a majority stake in Estonia's Milrem Robotics in February last year to develop capabilities in robotics and autonomous systems in line with the UAE's expanding manufacturing sector. (ICE DUBAI)

Fonte notizia: https://www.thenationalnews.com/business/economy/2024/02/21/uaes-edge-and-italys-fincantieri-launch-