Edge raises its stake in marine tech player

Edge Group is taking control of a UAE maker of uncrewed offshore vessels: Strategic Development Fund (SDF), the Abu Dhabi investment firm wholly owned by Edge Group, agreed to raise its stake in UAE-based maritime technology company Marix to a majority, according to a press release.

The ownership structure: Sovereign Global Solutions will keep a minority stake in Marix, formerly Sovereign Global Solution Middle East. SDF, which invests in dual-use technologies, first took a minority stake in 2022 to back Marix’s first prototype, Marip-12, an uncrewed surface vessel. Terms weren’t disclosed.

Marix’s next vessel is built for offshore energy work: Marix has completed the design of Marip-24, an uncrewed surface vessel for subsea inspection, maintenance and repair, hydrographic and geophysical surveys, and work-class remotely operated vehicle missions, and is moving toward production in the UAE. SDF says Marix is positioned to meet growing demand for offshore services as the UAE expands its energy production. Marip-12 has operated offshore in the UAE for several years, and the vessels let missions run from shore with fewer people offshore, Marix Chairman Muaatassem Awda said.

Another defense localization play: Production of the Marip-24 will soon be moved to the UAE, aligning with a wider defense strategy from the Emirates to bring more manufacturing in-house. Last week, it was reported that the UAE may be looking to start up some local production of the Rafale fighter jet, as part of a development agreement with France. Production of Marix’s solutions is slated to go to both the UAE and international markets. The Marip, in particular, is useful for the Emirates, with uncrewed inspection vessels helping to remove the risk of human casualties that we’ve seen during the ongoing geopolitical turmoil.

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