► Italy–Albania intergovernmental summit, Fincantieri and Kayo sign agreement for a naval JV in the country

13 November 2025 – As part of today’s intergovernmental summit between Italy and Albania, held in Rome and chaired by the Italian Prime Minister Giorgia Meloni and Albanian Prime Minister Edi Rama, Fincantieri and KAYO – an Albanian company specializing in the development of strategic industrial infrastructures – signed a Memorandum of Understanding (MoU) to establish a joint venture (JV) dedicated to the construction and maintenance of naval vessels in Albania.

The signing ceremony was attended by Pierroberto Folgiero, CEO and Managing Director of Fincantieri, and Ardi Veliu, CEO of Kayo. The agreement provides for the creation of a JV that will act as prime contractor for shipbuilding and maintenance contracts in the Albanian market. For projects intended for export, the JV will be able to build vessels up to 80 meters in length and 800 tons in displacement. In these cases, Fincantieri will serve as prime contractor, entrusting the JV with the construction of the ships.

According to the agreement, KAYO will make the Pashaliman shipyard in Vlora available and will invest in its infrastructure upgrade, whilst Fincantieri will support the modernization of the production process, provide operational expertise, training and engineering know-how. Fincantieri will also provide material packages, thereby consolidating its role as the leading technological partner.

Pierroberto Folgiero, CEO and Managing Director of Fincantieri, commented: “Today’s agreement marks a new fundamental milestone in the collaboration between Italy and Albania. By combining our expertise and resources, we are launching a project that strengthens the military naval supply chain, fosters economic and infrastructural development, and opens new prospects for international growth. It is a tangible example of how synergy between companies and countries can generate value, security, and future.”