UAE defence conglomerate Edge is teaming up with Italian shipbuilder Fincantieri to manufacture sophisticated naval vessels and sell them in different markets globally.
With a commercial pipeline worth about €30 billion ($32.42 billion), the new Abu Dhabi joint venture will be awarded “prime rights to non-Nato orders” as well as several “strategic orders by select Nato member countries”, leveraging on the UAE’s government to government arrangements and export credit financing packages, Edge said on Wednesday.
“This strategic agreement significantly enhances Edge's ability to design and build frigates and other large vessels, broadening its range of operations and marking a crucial advancement in the diversification of its maritime solutions portfolio,” Edge said.
Edge will hold a 51 per cent stake in the new joint venture, which also plans to develop an underwater programme for mid-size submarines.
Set up in 2019, Edge specialises in building advanced technology for weapons systems, cyber protection and electronic warfare and has more than 25 companies under its umbrella.
The group has been expanding its portfolio as the UAE, the Arab world’s second-largest economy, focuses on boosting its defence manufacturing capabilities and diversifying its economy from oil.
Last year, it bought a 52 per cent stake in Anavia, which builds unmanned helicopters capable of carrying out mission-critical surveillance, reconnaissance and transportation, to boost its portfolio.
Edge also announced deals including the acquisition of a majority stake in Estonia's Milrem Robotics in February last year to develop capabilities in robotics and autonomous systems in line with the UAE's expanding manufacturing sector.
In March, it bought Trust International Group, an Emirates-based defence trading specialist, to boost its portfolio. It is also teaming up with the Brazilian Navy to develop long-range anti-ship missiles and export them in global markets as part of a deal announced in June.
Through the joint venture with Fincantieri, “we are not just expanding Edge's diverse capabilities in shipbuilding but setting a new benchmark for collaboration and knowledge exchange in the global maritime industry”, said Hamad Al Marar, Edge group managing director and chief executive.
“This partnership embodies our commitment to innovation, leveraging Fincantieri's … expertise to explore opportunities in the global market.”
The new joint venture will focus on sales and commercial operations apart from setting up a dedicated design authority and creating new opportunities for highly skilled Emiratis.
Fincantieri, with a production network of 18 shipyards on four continents, has built more than 7,000 ships, and supplies vessels to navies and the cruise ship industry.
The latest deal comes as the demand for naval vessels continues to surge across the globe amid continued geopolitical tensions and maritime disputes.
The naval vessels market globally is expected to reach $206.43 billion by 2029 from $110.51 billion in 2024, driven by higher demand from North America and the Asia-Pacific region, a Mordor Intelligence report said.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The Book of Collateral Damage
Sinan Antoon
(Yale University Press)
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
At Eternity’s Gate
Director: Julian Schnabel
Starring: Willem Dafoe, Oscar Isaacs, Mads Mikkelsen
Three stars
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
