Fincantieri, one of the world's leading shipbuilding groups, has announced that it has signed a MoU with the Saudi Red Sea Authority, the official regulatory body of the Kingdom of Saudi Arabia for coastal tourism in the Red Sea.

 

This partnership marks a significant milestone in Fincantieri’s expansion in the Kingdom and reinforces its commitment to sustainable growth in the Red Sea ecosystem, said the company in a statement. 

 

By consolidating its position in the rapidly expanding Saudi maritime market, Fincantieri sees tremendous potential for future growth and collaboration with local stakeholders across the civilian and military sectors, establishing itself as a trusted partner, it stated. 

 

Signed today (May 22) in Riyadh by Fincantieri’s CEO and General Manager, Pierroberto Folgiero, and SRSA’s CEO, Mohammed Al-Nasser, the agreement looks to explore collaborative opportunities in the development and management of maritime and coastal activities in the Red Sea region. 

 

Opportunities include the construction of luxury cruise ships, as well as the development of state-of-the-art maritime and tourist port facilities that cater to the growing demand for high-quality, sustainable infrastructure, it stated. 

 

On the Red Sea Authority collaboration, Folgiero said the partnership marks an exciting new chapter in Fincantieri's expansion in the region. 

 

"By combining our commercial strength, our expertise in shipbuilding, and our experience in designing and implementing underwater infrastructure and technologies with the forward-looking goals of the Saudi Red Sea Authority, we aim to contribute to the development of the Red Sea Region," he stated.

 

"Our ambition is to help it become one of the world's top tourist destinations while ensuring the protection of its unique natural heritage, both above and below the sea surface," he added. 

 

As part of the company's strategic expansion in the region, Fincantieri also inaugurated the new offices in Riyadh of its local subsidiary, Fincantieri Arabia for Naval Services.-TradeArabia News Service