Crown Prince of Abu Dhabi to sign strategic partnership for advanced warship project
Date
5/21/2024 9:32:33 AM
(MENAFN) Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, presided over the signing ceremony of a significant strategic partnership agreement between the "EDGE" group and the Italian company "Fincantieri". The agreement marks a pivotal moment in the launch of "Mistral", a joint shipbuilding project between the two entities, taking place in Abu Dhabi. This collaboration, initially announced in February, underscores a shared commitment to leveraging global opportunities in designing and manufacturing advanced warships.
Under the terms of the agreement, the "EDGE" group will hold a majority stake of 51 percent in the joint venture. This strategic positioning grants the venture substantial rights, including access to non-NATO orders and strategic contracts from selected NATO member states. The commercial portfolio associated with these orders is estimated to be approximately 30 billion Euros, equivalent to about 32.6 billion dollars.
Sheikh Khalid bin Mohammed bin Zayed Al Nahyan emphasized the significance of this strategic partnership, highlighting its reflection of the advanced capabilities of the national industry in the Emirates. He underscored the Emirates' commitment to prioritizing defense and military industry programs and initiatives, showcasing the high level of proficiency exhibited by national talents and the adaptability of local companies. This adaptability enables them to stay abreast of global trends, utilizing innovative solutions, advanced technology, and precise sciences to develop competitive capabilities capable of anticipating the future needs of defense industries.
Following the signing of the agreement, the UAE Coast Guard wasted no time in announcing a substantial order. They have committed to purchasing 10 technologically advanced marine patrol vessels, each boasting a length of 51 meters. The total value of this order is estimated to be around 400 million euros, signaling a significant investment in bolstering maritime security capabilities within the region.
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