Mubadala and Fincantieri will collaborate for the development of advanced technologies

(To Fincantieri)

Mubadala Investment Company PJSC (Mubadala) and Fincantieri have signed a Memorandum of Understanding (MoU) aimed at starting potential collaborations in the field of advanced technologies and services in the naval, maritime and industrial sectors.

The agreement was signed by Abdulla Abdul Aziz Al Shamsi, Head of UAE New Initiatives of Mubadala, and Giuseppe Giordo, General Manager of the Military Ships Division of Fincantieri.

The two groups will work together through specialized companies, which they control, to jointly carry out a series of innovation and industrial projects.

Furthermore, in line with the principles of the circular economy, studies will be launched to identify further areas of collaboration, such as the development of services for waste transformation platforms aimed at small and medium-sized companies, both commercial and industrial. Mubadala, through its subsidiary Sanad, will also offer after-sales services for Fincantieri products, as well as other products from manufacturing companies.

Commenting on the importance of the MoU, Abdulla Abdul Aziz Al Shamsi said: “As a responsible long-term investor and active player in the global energy transition sector, Mubadala has pioneered and has long supported a balanced energy mix through a holistic and diversified portfolio in the UAE and abroad. Through this agreement we are committed to promoting the role that innovation can play in meeting future energy demand with our Fincantieri partners, other technology developers, companies and other like-minded organizations ".

Giuseppe Bono, CEO of Fincantieri, commented: “This is a first step to strengthen our presence in the United Arab Emirates 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 the agreement, we will exploit the respective know-how and investment capabilities in order to identify projects of common interest in the Emirates and contribute to the development of the country's advanced technology sectors ".