MAESTRAL, the EDGE-Fincantieri joint venture, to be awarded €500mln UAE Navy support contract
The official contract award took place at IDEX/NAVDEX in Abu Dhabi
Abu Dhabi, UAE / Trieste, Italy: EDGE, one of the world's leading advanced technology and defence groups, and Fincantieri, one of the world's leading groups in high-complexity shipbuilding, announced today that MAESTRAL, their Abu Dhabi-based shipbuilding joint venture, will be awarded a major 'In-Service Support Strategic Partnership Project' for the entire UAE Navy fleet by Tawazun Council. Tawazun Council is an independent government entity that works closely with the Ministry of Defence and security agencies in the United Arab Emirates. The value of the agreement is of approximately 500 million euros over a five-year period.
The contract award announcement was attended by Mr. Hamad Al Marar, Managing Director & CEO, EDGE Group, Mr. Rodrigo Torres, CFO, Edge Group, Mr. Biagio Mazzotta, Chairman of Fincantieri, Mr. Pierroberto Folgiero, CEO and Managing Director of Fincantieri, and Mr. Dario Deste, General Manager of the Naval Vessels Division of Fincantieri.
MAESTRAL will serve as the Industrial Strategic Partner, overseeing comprehensive maintenance management of the UAE Navy to meet key operational and logistic needs, and supporting UAE Navy's transformation journey to new levels of performance over the next five years.
Hamad Al Marar, EDGE Group Managing Director & CEO, said: ' This contract award underscores the trust placed in MAESTRAL's advanced capabilities by our major customer, and important stakeholders worldwide. Together with Fincantieri, we are fully confident that these capabilities will provide valuable opportunities from which this unique joint venture can utilise its vast resources and pool of experience available to deliver superior maritime vessels, turnkey solutions, and lifecycle maintenance services, to deliver commercial successes to all partners involved.'
Pierroberto Folgiero, Fincantieri CEO and Managing Director, stated: ' This contract marks a pivotal step in Fincantieri's growth in the region and reinforces our long-standing commitment to fostering industrial partnerships that deliver excellence. It also reflects the shared vision and synergy between Fincantieri and EDGE through the MAESTRAL joint venture. We are proud to stand alongside the UAE Navy as a trusted partner, ensuring sustained support, cutting-edge technology, and world-class maintenance services that meet the evolving needs of modern naval operations '.
The ISS Strategic Partnership Project will see a close collaboration between Fincantieri and EDGE Group entity, Abu Dhabi Shipbuilding (ADSB) under the MAESTRAL joint venture. This unique joint proposition will leverage the combined capabilities of UAE national and international advanced shipyards, deploying a full range of technical, engineering and management expertise to enhance the quality and performance of the UAE Navy.
The MAESTRAL joint venture, first announced in May 2024, aims to capitalise on global opportunities for the commercialisation, design, and manufacture of advanced naval vessels and services.
About EDGE
Launched in November 2019, the UAE's EDGE is one of the world's leading advanced technology groups, established to develop agile, bold and disruptive solutions for defence and beyond, and to be a catalyst for change and transformation. It is dedicated to bringing breakthrough innovations, products, and services to market with greater speed and efficiency, to position the UAE as a leading global hub for future industries, and to creating clear paths within the sector for the next generation of highly-skilled talent to thrive.
With a focus on the adoption of 4IR technologies, EDGE is driving the development of sovereign capabilities for global export and for the preservation of national security, working with front-line operators, international partners, and adopting advanced technologies such as autonomous capabilities, cyber-physical systems, advanced propulsion systems, robotics and smart materials. EDGE converges R&D, emerging technologies, digital transformation, and commercial market innovations with military capabilities to develop disruptive solutions tailored to the specific requirements of its customers. Headquartered in Abu Dhabi, capital of the UAE, EDGE consolidates more than 25 entities into six core clusters: Platforms & Systems, Missiles & Weapons, Space & Cyber Technologies, Trading & Mission Support, Technology & Innovation, and Homeland Security.
For more information, visit edgegroup.ae
About Fincantieri
Fincantieri is one of the world's largest shipbuilding groups, the only one active in all high-tech marine industry sectors. It is leader in the construction and transformation of cruise, naval and oil & gas and wind offshore vessels, as well as in the production of systems and component equipment, after-sales services and marine interiors solutions. Thanks to the expertise developed in the management of complex projects, the Group boasts first-class references in infrastructures, and is a reference player in digital technologies and cybersecurity, electronics and advanced systems.
With over 230 years of history and more than 7,000 ships built, Fincantieri maintains its know-how, expertise and management centres in Italy, here employing 11,000 workers and creating around 90,000 jobs, which double worldwide thanks to a production network of 18 shipyards operating worldwide and with over 22,000 employees.
www.fincantieri.com
For media enquiries, please contact:
EDGE Group Press Office
media@edgegroup.ae
+971 55 127 2341; +971 55 358 4520
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
2 hours ago
- Khaleej Times
UAE will attract more millionaires as Emirates remains safest country despite regional war
The UAE will continue to attract high net-worth individuals despite the regional Israel-Iran war as the Emirates is still the safest country to park money, according to international migration consultants and wealth managers. 'I have seen how UAE becomes always a stronger magnet in a time of crisis in the region and geopolitically around the world because of the infrastructure, the safety nets, the rule of law, the quality of life and low tax. I think that in case of any regional problems, the UAE will benefit as the best and safest hub,' said Armand Arton, CEO of leading immigration investment firm Arton Capital. In an interview with Khaleej Times, he stated that he expected the UAE to continue attracting even more millionaires than it had in the last five years. 'The Russia-Ukraine war was the last big wave of wealth that came in. After that, the taxation in the UK and the politics of Europe created a second wave of Europeans. We had the third wave of Americans after US President Donald Trump was elected, as a lot of Democrats and others moved to UAE. We see that very high profile of people coming in and asking for the Golden Visa,' he added. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Abu Dhabi and Dubai have consistently been rated among the safest cities in the world. The UAE has been a magnet for millionaires from around the world in the post-pandemic period. On Wednesday, the UBS Global Wealth Report 2025 stated that the UAE attracted approximately 13,000 new millionaires in 2024, representing a 5.8 per cent increase, and bringing the total number of high-net-worth individuals in the country to 240,343. The millionaires in the UAE command approximately $785 billion (2.88 trillion) in wealth. In April, property consultancy Knight Frank reported, citing data from Henley & Partners, that the UAE attracted 7,200 millionaires in 2022, a 53 per cent increase over the previous year, bringing the total number of high-net-worth individuals (HNWIs) in the country to 130,500. 'War always comes with a very high human cost, but a localised conflict like the current situation is likely to have a very limited macroeconomic effect. Unless there is a major escalation, we would not see this as significantly changing global macro trends, including migration,' said Paul Donovan, chief economist at UBS Global Wealth Management. Armand Arton said that the Iran-Israel war 'will create a new wave of people from the neighbouring country that will come to UAE who are still considering that this the safest place to park their money and family.' Arton Capital has placed the UAE passport as the strongest in the world, placing it in the first position in its 205 index. Armand added that the UAE's passport ranking has increased from 35 to number 1, and no other country in the world has achieved such rapid growth. 'This is because of having the leadership decision and the execution to sign as many visa-free as necessary in order to open the world to the Emirati citizens,' he added.
Al Etihad
2 hours ago
- Al Etihad
Khalifa University climbs 25 places to rank 177th globally in QS World University Rankings 2026
22 June 2025 13:12 ABU DHABI (ALETIHAD)Khalifa University of Science and Technology has climbed 25 places to be ranked 177th globally in the QS World University Rankings 2026, securing a spot among the world's top 200 eight consecutive years, Khalifa University has remained the top institution in the UAE, reinforcing its status as a national leader in higher education and the 2026 edition, the university leads across several key indicators including 11th in the world for International Faculty, top in UAE for International Students, Citations per Faculty, and Faculty Student Ratio and 37th globally for Academic Reputation, affirming its leadership in attracting global talent and producing high-impact scientific new QS rankings evaluated more than 8,467 universities from across 106 countries, with Khalifa University leading all 12 universities from the UAE, with a Graduate Employment Rate of an impressive 94 per Ebrahim Al Hajri, President, Khalifa University, said: 'As global academic and research landscape evolve, our consistent climb to reach the top 200 in the 2026 QS World University Rankings reinforces Khalifa University's status as a driving force in science and technology, particularly among researchers and students seeking world-class opportunities closer to home. "The 177th rank remains a testament to our faculty and students whose work continues to make a positive impact, while highlighting our global growing presence. Through our diverse academic community and our expanding international and regional industry collaborations, we are consistently contributing to meeting UAE's ambitions in knowledge economy leadership.' Source: Aletihad - Abu Dhabi
The National
3 hours ago
- The National
Dubai Basketball to join EuroLeague as 'dream becomes a reality'
Dubai Basketball will join the EuroLeague on a five-year contract from September 2025, just a year after being founded. The competition, regarded as one of the toughest basketball leagues in the world, announced its expansion from 18 to 20 teams in late May. Dubai Basketball has now been confirmed as one of the two new teams to secure a slot to play in the 2025/26 EuroLeague season. In a stellar debut campaign in the ABA League – where the team reached the play-off semi-finals before being halted by Partizan – Dubai Basketball showed the huge potential for the sport in the emirate. Not only did they excel on the court, they made the Coca-Cola Arena their home, attracting crowds in excess of 5,000 fans. 'I would like to extend my deepest gratitude to the leadership of Dubai and the Dubai Sports Council for their unwavering support,' Abdulla Saeed Juma Al Naboodah, chairman and Founder of Dubai Basketball, said. 'Their vision and commitment have been instrumental in making the success of Dubai Basketball possible.' The team, under the stewardship of head coach Jurica Golemac, will now take a huge step forward in a competition boasting the elite of European basketball. The move also deepens the UAE's ties with the EuroLeague, with the 2025 finals having been staged at Etihad Arena in Abu Dhabi in May. Istanbul giants Fenerbahce were crowned champions in front of a sold out arena on Yas Island. As well as Fenerbahce, Dubai Basketball will face the likes of Real Madrid, FC Barcelona, Panathinaikos and Olympiacos as the club brings top-tier European basketball to Coca-Cola Arena from September 2025 to June 2026. Co-Chief Executive Officer Dejan Kamenjasevic said this latest step follows years of hard work to get the project off the ground. 'Dubai Basketball is not an instant project – it has taken us years to reach the point we are in today,' he said. 'But it brings me great pride to say that this team is an instant success [on the court]. Credit goes to our coaches, players and all Dubai Basketball employees who worked hard to convert this dream to a reality. 'Now, with EuroLeague ahead, we have even more to show. We're building something this city has never seen before, and we're excited to make history while growing the Dubai Basketball family.' In just their first season, Dubai Basketball attracted a total of nearly 80,000 fans to Coca-Cola Arena, paving the way for a new era for the sport in the emirate. That fan base is expected to grow next season, with the team's home arena boasting a capacity of 15,000 in its basketball format. Fans can register to attend 2025/26 season games through the Coca-Cola Arena website, with full season passes available in July.
