(Alliance News) - Fincantieri Spa announced Wednesday its entry into Saudi Arabia with the launch of the new company Fincantieri Arabia for Naval Services.

Pierroberto Folgiero, chief executive officer and general manager of Fincantieri, commented, "With Fincantieri Arabia for Naval Services we are strengthening our presence in Saudi Arabia with the aim of establishing a strategic and long-term partnership for the development of shipbuilding in the country through a multibusiness localization approach."

"It is a source of great pride for us to make available to the Kingdom our expertise, the result of decades of tradition and all-Italian excellence in the naval field, in order to contribute to the achievement of the ambitious goals outlined in Vision 2030. This first step will also allow us to seize important opportunities in a strategic market such as Saudi Arabia, thus creating further opportunities for growth and expansion in the international defense sector."

Fincantieri on Wednesday gave up 1.2 percent to EUR0.60 per share.

By Claudia Cavaliere, Alliance News reporter

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