Fincantieri, one of the world’s leading shipbuilding groups, and the Saudi Red Sea Authority (SRSA), the official regulator of coastal tourism in the Red Sea, signed a Memorandum of Understanding (MoU) aimed at exploring collaborative opportunities in the development and management of maritime and coastal activities within the region.
The collaboration, which will be facilitated through Fincantieri Arabia for Naval Services, the Group’s regional subsidiary established in 2024, will mark the Italy-based group’s continued expansion into the Kingdom.
“This partnership marks an exciting new chapter in our expansion in the region, and we are extremely proud to collaborate with the Saudi Red Sea Authority,” said Pierroberto Folgiero, Chief Executive Officer and Managing Director of Fincantieri.
“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 added.
As part of its strategic development in Saudi Arabia, Fincantieri also inaugurated the new offices in Riyadh of its local subsidiary, Fincantieri Arabia for Naval Services.
The SRSA, established as a strategic arm of the Saudi government, plays a critical role in the regulation and advancement of the Red Sea’s maritime and coastal sectors.
Its mandate includes four key pillars: regulation, regenerative sustainability, investment attraction and promotion of tourism.
Additionally, the SRSA champions the Blue Economy, aiming to unlock the region’s vast economic potential while ensuring environmental stewardship through initiatives such as the Red Sea Project.
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