In an interview, Pierroberto Folgiero, Chief Executive Officer and Managing Director of Fincantieri, discusses the company's role in steering Saudi Arabia's rapidly evolving shipbuilding, defense, and maritime sector, which is pivotal in the Kingdom's Vision 2030 agenda. 1. Fincantieri has significantly expanded its international footprint in recent years. What factors drive the company's growth in Saudi Arabia and the wider GCC region? Fincantieri's growth in Saudi Arabia and the broader GCC region is driven by the region's strategic significance, robust economy, and growing investments in maritime and defense sectors. Situated at the crossroads of global trade routes, the GCC is vital to international shipping and logistics. As regional governments embark on ambitious initiatives such as Saudi Arabia's Vision 2030, which focuses on economic diversification and infrastructure modernization, the shipbuilding and maritime sectors are integral to this transformation. With over 230 years of advanced shipbuilding expertise, Fincantieri is uniquely positioned to support these regional efforts. As the only shipbuilding group operating across all high-tech marine industries, we are at the forefront of enhancing local shipbuilding capabilities and technological advancements. Our leadership will continue strengthening the region's standing as a global maritime hub while helping safeguard strategic waterways and enable energy exports, which are critical to the region's economic prosperity. 1. How is Fincantieri positioning itself to contribute to advancing Saudi Arabia's shipbuilding and maritime sectors? Fincantieri is cementing its role as a key enabler of Saudi Arabia's Vision 2030 with our local subsidiary, Fincantieri Arabia for Naval Services, facilitating the transfer of cutting-edge technologies and expertise to regional partners. Fincantieri Arabia for Naval Services was established in 2024 to showcase our extensive shipbuilding expertise across maritime systems and naval logistics support services, including advanced training and simulation capabilities. The subsidiary also lays the foundation for expanding our regional presence by managing relationships with stakeholders in the Kingdom and identifying collaboration opportunities within the shipbuilding and maritime sectors. We are deeply committed to Saudi Arabia's Vision 2030 by transferring our technological expertise in shipbuilding, creating opportunities for Saudi nationals, and driving innovation across the cruise, defense, and offshore sectors. Our focus on green ship development aligns with Saudi Arabia's sustainability goals under Vision 2030 and its commitment to achieving net-zero emissions by 2060. By developing new clean technologies, Fincantieri positions itself as a competitive force in the global maritime industry. Additionally, our vertically integrated business model and history of innovation, in which we advance digitalization in shipyard operations, enhancing efficiency and sustainability with innovations like digital twins, AI, welding robots, and uncrewed vehicles, position Fincantieri as a strong partner to support Saudi Arabia's ambition to establish itself as a global hub for maritime technology and excellence. 1. Localization is a central focus of Saudi Arabia's Vision 2030. How is Fincantieri supporting this objective through partnerships, technology transfer, and workforce development? Saudi Arabia has traditionally relied on foreign contractors, but with the Kingdom's strong push to develop domestic capabilities, Fincantieri aligns its strategy with Vision 2030's goal of strengthening local industries. We firmly embed ourselves within the local industrial ecosystem by establishing joint ventures and deepening partnerships, ensuring long-term, sustainable collaboration beyond individual projects. For instance, we are advancing cybersecurity initiatives in collaboration with King Abdullah University for Science and Technology (KAUST). This partnership focuses on securing naval communications and protecting onboard automation systems, blending KAUST's academic excellence with our industry expertise to address critical cybersecurity challenges in the maritime sector and reinforce the Kingdom's technological infrastructure. Our commitment to training local talent and transferring advanced technologies to Saudi workers is central to this localization effort. This approach drives our operations forward and supports Saudi Arabia's broader industrialization and economic diversification goals under Vision 2030. 1. What are Fincantieri's strategic priorities for expanding its operations and partnerships across Saudi Arabia and the broader GCC region in the coming years? As Fincantieri strengthens its commitment to enhancing Saudi Arabia's defense capabilities, we recognize the evolving role of our operations in the region's maritime and defense industries. At the heart of this evolution is a focus on localization, knowledge transfer, and technological innovation. Given the region's growing geopolitical complexities and the need to secure vital maritime routes, our advanced naval solutions are set to play a key role in ensuring stability in the Red Sea, which is crucial to Saudi Arabia's Vision 2030. Maritime security, regional stability, and a diverse network of partnerships are essential to achieving the Kingdom's economic objectives. With a growing presence in the region, Fincantieri is well-positioned to lead the development of advanced, sustainable solutions for Saudi Arabia's maritime and defense sectors. We expect to play a significant role in the Kingdom's defense supply chain, setting new benchmarks for shipbuilding and contributing to the region's strategic goals. Beyond defense, we view Saudi Arabia's ambitious projects, such as NEOM and the Red Sea coastline development, as transformative for the global cruise and tourism industries. These projects, blending innovation, luxury, and sustainability, align with Vision 2030's goal of positioning Saudi Arabia as an international tourism hub. Futuristic cities like The Line and Sindalah Island, alongside the eco-tourism focus of the Red Sea Project, will offer unique, sustainable experiences that enhance the Kingdom's competitive edge in the global tourism market. Saudi Arabia's significant investments in world-class cruise infrastructure, including ports in Jeddah, Yanbu, and Sindalah Island, will further solidify its position as a regional hub for maritime connectivity. These developments will create opportunities for homeports and regional cruise itineraries while preserving the delicate balance of the Red Sea ecosystem. Fincantieri is well-positioned to support these efforts, leveraging our expertise in designing eco-friendly ships, such as LNG-powered vessels, and developing green port infrastructure that aligns with Saudi Arabia's sustainability goals. As a global leader in luxury and sustainable shipbuilding, we are poised to contribute to Saudi Arabia's cruise ambitions, driving economic growth, creating jobs across shipbuilding, hospitality, and port management, and elevating the Kingdom's status as a global leader in luxury and eco
