Fincantieri and SRSA sign agreement for maritime and coastal development
Opportunities include the construction of luxury cruise ships, as well as the development of state-of-the-art maritime and tourist port facilities
Fincantieri and the Saudi Red Sea Authority (SRSA), the official regulator of coastal tourism in the Red Sea on behalf of the Kingdom of Saudi Arabia, have signed today in Riyadh a Memorandum of Understanding (MoU) aimed at exploring collaborative opportunities in the development and management of maritime and coastal activities within the region.
The agreement was signed by Pierroberto Folgiero, CEO and Managing Director of Fincantieri, and Mohammed Al-Nasser, CEO of the Saudi Red Sea Authority.
The collaboration will be facilitated through Fincantieri Arabia for Naval Services, the Group’s regional subsidiary established in 2024, and aligns with the Kingdom of Saudi Arabia’s Vision 2030 program to diversify its economy. This agreement marks a significant milestone in Fincantieri's continued expansion into the Kingdom and its commitment to sustainable growth in the Red Sea ecosystem.
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.
This agreement provides Fincantieri with a unique opportunity to support the SRSA’s ambitious goals and consolidate its position in the rapidly expanding Saudi maritime market. As the Red Sea continues to gain prominence as both a critical artery for global trade and an emerging tourist destination, Fincantieri sees tremendous potential for future growth and collaboration with local stakeholders across the civilian and military sectors, establishing itself as a trusted partner. 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.
With its renowned expertise in shipbuilding, advanced vessel designs and sophisticated maritime technology, Fincantieri is the ideal partner for the SRSA’s vision of enhancing the region’s global standing, promoting tourism and safeguarding national security.
“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. Our ambition is to help it become a one of the world’s top tourist destinations while ensuring the protection of its unique natural heritage, both above and below the sea surface.”
As part of its strategic development in Saudi Arabia, Fincantieri today also inaugurated the new offices in Riyadh of its local subsidiary Fincantieri Arabia for Naval Services.
