EDGE GROUP and Fincantieri signed an agreement formalising the launch of MAESTRAL, an Abu Dhabi-based shipbuilding Joint Venture (JV), between both companies. 

The JV, which was first announced in February of this year, will capitalise on global opportunities for the design and manufacture of advanced naval vessels. 

According to a relevant announcement, EDGE holds a 51% stake in the venture, a fact 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 euro.

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The signing of the agreement was immediately followed by the announcement of a large order by UAE Coast Guard Forces for 10 technologically advanced 51m Offshore Patrol Vessels (OPVs), valued at 400 million euro.

The P51MR-Class 51m OPVs, based on the mission-proven Saettia-Class, are state-of-the-art vessels characterised by high modularity, stability in rough sea conditions, low radar signal signature and high operational flexibility.

Also read: EDGE Group – Fincantieri | Launch of Multi-Billion Joint Venture Agreement on UAE-based naval manufacturing pipeline