Italy’s Fincantieri launches Saudi shipbuilding unit to strengthen collaboration 

Fincantieri Arabia will highlight the group’s wide-ranging capabilities in shipbuilding, maritime equipment and systems. Fincantieri
Short Url
Updated 25 May 2024
Follow

Italy’s Fincantieri launches Saudi shipbuilding unit to strengthen collaboration 

RIYADH: Italian shipbuilder Fincantieri plans to enhance collaboration with Saudi Arabia through a newly established unit, the company said. 

Fincantieri Arabia will bolster the Kingdom’s Vision 2030 development agenda in the cruise, defense, and offshore sectors, the group disclosed in a press release, issued on the sidelines of an industrial conference in Riyadh. 

Fincantieri is the only shipbuilding group active in all high-tech marine industry sectors, the release added. 

The new unit aims to highlight the group’s wide-ranging capabilities in shipbuilding, maritime equipment and systems, and naval logistic support services, including training and simulation.  

It will also manage stakeholder relationships in the Kingdom and seek out local partners.  

Moreover, Fincantieri said it plans to share its technological expertise in shipbuilding across cruise, defense, and offshore sectors, thus opening up opportunities for Saudi nationals. 

The firm’s CEO Pierroberto Folgiero: “Our commitment to the Kingdom of Saudi Arabia is steadfast. Fincantieri stands out in the shipbuilding industry for its vertically integrated model and our leadership across naval, cruise, and oil and gas sectors. We are proud to offer these world-class capabilities built on decades of naval heritage and excellence to help the Kingdom achieve its Vision 2030 objectives.”  

He added: “Given the maritime industry’s pivotal role under Vision 2030, we eagerly anticipate establishing strategic partnerships. Through these collaborations, we aim to enhance local technological capabilities, create opportunities for Saudi talent, and foster knowledge exchange.” 

The state-controlled Fincantieri has expanded its presence in the Middle East in recent years. In March 2023, Folgiero stated that the group would venture into the Saudi market and was strategically positioned for growth in the region. 

The Italian group is also aiming to enhance its focus on defense, a sector that presently contributes to around a quarter of its revenues. 

On May 20, Fincantieri concluded a shipbuilding joint venture, named Maestral, with Abu Dhabi-based EDGE Group. The two entities announced the signing of a €400 million ($433 million) contract with the UAE’s Coast Guard Forces for the supply of 10 advanced 51-meter offshore patrol vessels. 


Vietnam leader pledges graft fight as he eyes China-style powers

Updated 3 sec ago
Follow

Vietnam leader pledges graft fight as he eyes China-style powers

HANOI: Vietnam’s top leader promised to fight corruption in an address Tuesday to a twice-a-decade congress of the Communist Party, where he is seeking expanded powers similar to China’s political structure.
In just 17 months as general secretary, To Lam has swept aside rivals and centralized authority in an aggressive reform drive officials describe as a “revolution.”
He accelerated a sweeping anti-corruption campaign that ensnared thousands of officials, thinned and streamlined bureaucracy, and pushed infrastructure investment.
The party is “determined to fight corruption” as it spurs private-sector growth, he said, adding it would tackle “wastefulness and negativity.”
“All wrongdoings must be dealt with,” he told the meeting, standing before a giant statue of party founder Ho Chi Minh.
The Southeast Asian nation of 100 million people is both a repressive one-party state and a regional economic bright spot, where the Communist Party has sought to deliver rapid development to bolster its legitimacy.
In a series of closed-door meetings this week nearly 1,600 party delegates will finalize the country’s leadership roster for the next five years and set key policies.
Lam will remain the party’s top leader, according to sources briefed on key internal deliberations.
But he is seeking the presidency as well — a dual role similar to Xi Jinping in neighboring China.
Xi himself led an extensive anti-corruption drive, promising to target both “tigers and flies” — big and small alike — which analysts say was also used for political purposes, taking down internal opponents within his ruling party.
Experts say if Lam secures both roles it will signal the supremacy of his security-dominated faction.
If so, he will have “the strongest mandate for the Vietnamese leadership since the end of the Vietnam war,” said Nguyen Khac Giang of Singapore’s ISEAS-Yusof Ishak Institute.
Analysts say Lam’s reach will depend on who else secures top posts and politburo positions during the week-long conclave, particularly from the more conservative military faction that opposes him.
One source briefed on party deliberations told AFP that Lam’s bid for expanded powers had been provisionally approved.
But some reports suggested he had to shelve his presidential ambitions to secure support for his reform agenda.

- Collective leadership -

Elevated to party chief after general secretary Nguyen Phu Trong’s death in 2024, Lam has shocked the country with the pace of his changes.
He has eliminated whole layers of government, abolishing eight ministries or agencies and cutting nearly 150,000 jobs from the state payroll, while pushing ambitious rail and power projects.
The fight against corruption had appeared to slow — in part because of concerns it could hinder economic expansion, analysts say — but Lam’s speech suggests it is not finished.
“Science, technology, innovation and digital transformation must really become the key drivers of growth,” said Lam, who cited “fierce strategic competition” and supply chain disruptions as headwinds.
Vietnam has proved surprisingly resilient in the face of new 20 percent tariffs imposed by Donald Trump, clocking 8.0 percent growth last year, among the fastest in Asia.
But the balancing act between its main export market, the US, and China — its largest supplier — has grown tougher.
That underscores the need to become more than an assembly shop for garments and electronics bound for western shelves as it aims for upper-middle-income status by the end of the decade.
The ruling party tolerates little dissent and regularly jails critics, more than 160 of whom are behind bars, according to Human Rights Watch.
But unlike in present-day China or North Korea, political power in Vietnam has not been concentrated in one paramount leader.
Its collective system of government rests on four pillars: the party chief, president, prime minister and the chairman of the National Assembly. An internal Communist Party position was added as a fifth pillar last year.
If he gets the presidency, Lam would be the first person to be named to the top two jobs simultaneously by a party congress, rather than stepping in following a holder’s death.
Regardless, former US ambassador to Vietnam Daniel Kritenbrink expects the party to reaffirm Lam’s “leading if not dominant role” and the “pretty striking policy vision that he’s outlined over the last year.”