Fincantieri, Saudi Red Sea Authority enter agreement for maritime tourism development

Italian shipbuilder Fincantieri and the Saudi Red Sea Authority (SRSA), the official regulator of coastal tourism in the Red Sea on behalf of the Kingdom of Saudi Arabia, have entered into a memorandum of understanding (MoU) aimed at exploring collaborative opportunities in the development and management of maritime and coastal activities within the region.

The collaboration will be facilitated through Fincantieri Arabia for Naval Services, the Fincantieri Group’s regional subsidiary established in 2024.

Fincantieri said opportunities will include the construction of luxury cruise ships as well as the development of maritime and tourist port facilities that cater to the growing demand for high-quality, sustainable infrastructure.

"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," said Pierroberto Folgiero, Chief Executive Officer and Managing Director of Fincantieri.

"Our ambition is to help it become one of the world’s top tourist destinations while ensuring the protection of its unique natural heritage, both above and below the sea surface."