Fincantieri, a global shipbuilding group, and the Saudi Red Sea Authority (SRSA), the regulator of coastal tourism in the Red Sea for the Kingdom of Saudi Arabia, signed a Memorandum of Understanding (MoU) in Riyadh, according to the company's release.
The agreement aims to explore opportunities for collaboration in the development and management of maritime and coastal activities in the Red Sea region.
The MoU 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, a subsidiary established in 2024, and aligns with Saudi Arabia’s Vision 2030 program for economic diversification.
The SRSA oversees regulation, regenerative sustainability, investment attraction, and tourism promotion, while supporting the Blue Economy to balance economic growth with environmental stewardship, including initiatives like the Red Sea Project.
The agreement enables Fincantieri to support SRSA’s goals and strengthen its presence in the Saudi maritime market. Opportunities include constructing luxury cruise ships and developing maritime and tourist port facilities to meet demand for sustainable infrastructure.
Pierroberto Folgiero, Chief Executive Officer and Managing Director of Fincantieri, stated, “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. 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.”
On the same day, Fincantieri inaugurated new offices in Riyadh for Fincantieri Arabia for Naval Services.
Fincantieri is an Italian shipbuilding company headquartered in Trieste, Italy, and one of the world’s leading shipbuilding groups. Established over 230 years ago, it operates across all high-tech marine industry sectors, including cruise, naval, and offshore vessels. In 2024, Fincantieri established its subsidiary, Fincantieri Arabia for Naval Services, to expand its operations in Saudi Arabia.
Saudi Red Sea Authority (SRSA) is an independent Saudi government authority established in 2021 to regulate and advance coastal tourism and maritime activities along the Red Sea coast of Saudi Arabia.