Mubadala, one of Abu Dhabi’s sovereign fund, has signed a memorandum of understanding (MoU) with Fincantieri, the Europe’s largest shipbuilder in Europe to develop innovative projects in the naval, marine and industrial sectors, Trade Arabia reports.
Per the agreement, will work together through specialized subsidiaries to jointly advance a number of leading innovation and industrial projects. Moreover, studies to identify other areas of collaboration, such as the development of integrated industrial services for waste transformation platforms for small and medium commercial and industrial facilities, will be carried out in line with the circular economy. Mubadala, through its subsidiary Sanad, will also offer after sales services to Fincantieri products as well as other OEMs products, the Bahraini media notes citing UAE state-run news agency WAM.
The agreement was signed by Abdulla Abdul Aziz Al Shamsi, Head of UAE New Initiatives at Mubadala, and Giuseppe Giordo, General Manager of Fincantieri Naval Vessels Division.
“As a responsible long term investor, and an active player in the global energy transition sector, Mubadala has long pioneered and championed a balanced energy mix through a holistic and diversified energy portfolio in the UAE and abroad. Through this agreement, we are committed to advancing the role innovation in energy technologies can play to meet future energy demand with our partners at Fincantieri, and other technology developers, operating companies and like-minded organizations,” Al Shamsi said.
“This is a first step to strengthen our presence in the UAE, and is a demonstration of the great versatility of our Group, which today is able to offer unique management skills and technologies in the Naval, Maritime and Industrial sectors. Thanks to this agreement we will leverage our mutual know-how and investment capabilities to identify projects of common interest in the UAE and contributing to the development of the country’s advanced fields of technologies,” said Giuseppe Bono, CEO of Fincantier.
Fincnatier according to its website is one of the world’s largest shipbuilding groups, global Italian leader in cruise ship design, reference player in all high-tech shipbuilding industry sectors, from naval to offshore vessels, from high-complexity ferries to mega yachts, as well as production of systems and component equipment for mechanical and electrical segments, from cruise ship interiors solutions, electronic and software systems, to infrastructures and maritime constructions, as well as after-sales services.
The group become Europe’s largest shipbuilder after acquiring Vard in 2013 – doubling its size to become the fourth largest shipbuilder in the world.
Abu Dhabi-based Mubadala signs collaboration deal with Italian shipping giant Fincantieri
