European cruise ship builder Fincantieri signs partnership with Saudi Arabia

Fincantieri has signed a series of agreements with partners in Saudi Arabia as the company seeks to grow further in the region following the establishment of the subsidiary Fincantieri Arabia for Naval Services in 2024.

The European shipbuilding giant, which specialises in cruise vessels, offshore ships and naval craft, said in a statement that the agreements reflect its strategic commitment to promoting innovation, sustainability and industrial development in the Kingdom.

This will be achieved through a series of collaborations with Saudi Arabian entities and international partners, it said. Although Fincantieri’s activities in Saudi Arabia will be defense-led initially, there is scope for expansion of its cruise business in the region.

Saudi Arabia recently launched its own homegrown domestic cruise line, AROYA Cruises, and prior to the security crisis in the Red Sea, was one of the fastest growing cruise destinations in the world.

“With these agreements we want to reaffirm our strong interest in this region and our willingness to explore new business opportunities in our three main business segments, defense first and foremost,” said Pierroberto Folgiero, CEO and General Manager of Fincantieri.

“Saudi Arabia is quickly establishing its role as a global hub for maritime technology, and we are proud to collaborate with Saudi companies to make our capabilities available to them in various fields,” he added. “Together, we will promote innovation and sustainability to achieve the ambitious goals of the Vision 2030 program.”

The Vision 2030 programme launched by Saudi Arabia, seeks to diversify the economy away from a dependence on oil revenue, and the agreements signed by Fincantieri will strengthen its position as the only shipbuilding complex in the world active in all sectors of high-tech shipbuilding.

The shipyard is vertically integrated and offers a great deal of experience in the cruise, offshore and defense sectors.

One of the first publicly announced collaborations is with King Abdullah University for Science and Technology (KAUST). The agreement aims to establish a collaboration in the field of cybersecurity for naval applications.

These include securing internal and external naval communications, identifying and preventing cyberattacks, and monitoring and protecting onboard automation systems.

KAUST, an international research university located in Thuwal, Jeddah, is recognised by the Saudi Crown as a centre of excellence in technological innovation.

This partnership aims to leverage KAUST’s academic expertise and Fincantieri’s industry leadership to address cybersecurity challenges in the naval sector.