ROME: Mubadala Investment Company PJSC and Italy’s Fincantieri have signed a memorandum of understanding to begin potential collaboration in advanced technologies and services in the naval, marine and industrial sectors.
Mubadala is a sovereign investor, managing a global portfolio aimed at generating sustainable financial returns for the government of Abu Dhabi while Fincantieri is one of the world’s largest shipbuilding groups.
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.
The two groups will work together to advance a number of innovation and industrial projects. 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’s portfolio spans six continents with interests in multiple sectors and asset classes. It leverages its sectoral expertise and long-standing partnerships to drive sustainable growth and profit while supporting the continued diversification and global integration of the economy of the UAE.
Through its subsidiary Sanad, the Abu Dhabi-headquartered group will also offer after-sales services for Fincantieri products as well as other original equipment manufacturer products.
“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,” Abdulla Abdul Aziz Al Shamsi said of the agreement.
“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.”
Giuseppe Bono, CEO of Fincantieri, believes that this is “a first step” to strengthen his company’s presence in the UAE.
“It 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 contribute to the development of the country’s advanced fields of technologies,” Bono said.