Italy's Fincantieri establishes Saudi shipbuilding system

Italian shipbuilder Fincantieri will broaden its cooperation with Saudi Arabia through its new unit Fincantieri Arabia, the group stated on Wednesday.

The Saudi unit will support the kingdom's Vision 2030 advancement agenda in the cruise, defense and offshore sectors, Fincantieri said in a press release, launched on the margins of an industrial conference.

WHY IT is very important

State-controlled Fincantieri has actually extended its existence in the Middle East in recent years. In March 2023, its Chief Executive Pierroberto Folgiero stated the group would get in the Saudi market and was well placed for development in the region.

The Italian group is also seeking to increase its concentrate on defence, a sector that presently accounts for around a quarter of its incomes.

CRUCIAL QUOTE

CEO Folgiero said in a declaration: Provided the maritime market's pivotal function under Vision 2030, we eagerly anticipate establishing strategic collaborations.

CONTEXT

On Monday, Fincantieri settled a shipbuilding joint venture (JV), called Maestral, with Abu Dhabi-based EDGE Group.

The two groups said they signed a 400-million-euro