UAE defence technology firm the EDGE Group and Italian shipbuilder Fincantieri have entered into an agreement formalising the launch of MAESTRAL, an Abu Dhabi-based shipbuilding joint venture between the two companies.
The joint venture, which was first announced in February of this year, will specialise in the design and manufacture of naval vessels.
EDGE holds a 51 per cent stake in the venture, which will be awarded prime rights to non-NATO orders, and a number of strategic orders placed by selected NATO member countries, with a commercial pipeline of orders valued at approximately €30 billion (US$32 billion).
The signing of the agreement was immediately followed by the announcement of a large order by UAE Coast Guard for 10 new 51-metre-long offshore patrol vessels (OPVs), valued at €400 million (US$433 million).
Fincantieri said the OPVs are based on the Italian Coast Guard's Saettia-class vessels and will feature modularity, stability in rough sea conditions, low radar signal signatures, and high operational flexibility.
