MEB strengthens bilateral relations with Dubai
Monaco Economic Board (MEB) has just returned from a Trade Mission to Dubai, 25-29 January 2022 - a business opportunity for the 30-strong delegation of Monegasque entrepreneurs and for MEB to consolidate ties by signing an MoU with the DMCC, the first free zone in the United Arab Emirates and a world trade hub.
As Dubai is synonymous with ambition, innovation and growth, and venue for the Dubai Expo 2020 this Emirate was a priority target for Monaco Economic Board in 2022. As the Middle East’s main trading hub, Dubai is a destination of choice for international companies wanting to tap into fast-growing markets.
MEB having made several trips before, including for Monaco’s National Day at Expo 2020 Dubai on 13 November 2021, the 30-plus entrepreneurs on this Trade Mission from 25-29 January, represented a wide range of sectors (technology, finance, real estate, industry, etc.).
First stop was a meeting with the Dubai Multi-Commodities Centre (DMCC) authorities. Set up in 2002 to attract and promote commerce through the Emirate, DMCC is one of the largest free zones in the world, with over 20,000 member companies from all sectors (international trade, tech, real estate, finance, etc.) and a business community of 100,000 people.
During the meeting at Almas Tower, Michel Dotta and Guillaume Rose, MEB Chairman and Executive Director General respectively, did a presentation on the Principality’s strengths and links with Dubai. H.E. Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, and Belal Jessoma, Head of Business Development, in turn highlighted the attractions of this free zone. Mr Saad Ishtiaq from the Dubai Chamber of Commerce, with which MEB had signed a cooperation agreement in 2018, concluded with an overview of the Dubai economy’s strengths.
Michel Dotta and H.E. Ahmed Bin Sulayem then signed a Memorandum of Understanding agreeing to ramp up relations between Dubai and the Principality of Monaco. Based on the two countries’ shared values, the memorandum aims to further strengthen synergies and expand bilateral trade relations.
Michel Dotta told the meeting: “The UAE offers great opportunities to Monaco’s business community, with DMCC being a key strategic partner for their international expansion. The agreement will consolidate our efforts and will stimulate growth, providing our respective business communities with access to new and fast-growing markets. We look forward to working closely with DMCC to facilitate trade, increase economic activity, and support the businesses of Monaco in navigating Dubai’s vibrant business environment.”
Guillaume Rose added: “The agreement signed today is significant, to say the least. It serves to show the synergies between Monaco and Dubai and more importantly, the endless opportunities for future collaboration. I commend DMCC for its vision for Dubai and willingness to engage with like-minded international partners such as ourselves in Monaco.”
Ahmed Bin Sulayem, Executive Chairman and CEO of the DMCC said: “Doing away with all direct taxes since 1869, Monaco’s recipe for governance has proven to be highly successful, resulting in virtually no public debt. Monaco was also one of the first nations to commit to EXPO 2020 Dubai, with their impressive pavilion also being one of the first to be completed. As such, Monaco represents one of our priority markets and we are proud to sign this agreement with the Monaco Economic Board. The agreement will build on our existing strategic bonds and allow us to explore further trade opportunities between our two countries. In line with its mandate to attract trade to Dubai, DMCC continues to expand its global network and work closely with its stakeholders to nurture a thriving business ecosystem in Dubai.”
During B2B meetings organised by MEB and DMCC, Monaco and Dubai entrepreneurs had a chance to exchange views and establish contacts with good prospects in this promising market and with local companies keen to expand their activities outside Dubai.
Next day MEB’s Trade Mission continued at Expo 2020 Dubai at the Monaco Pavilion where the delegation talked with the man in charge, Albert Croési, and his teams before attending a presentation by Monegasques operating in Dubai. Patricia Basso, from Three Towers, who has been in the UAE since 2009 spoke of her personal experience and how the business environment worked. Alessandra Modena and Jean-Baptiste Neel, General Manager and CEO of Key Strategy, a multi-family office in Dubai, described the legal regime for foreign investors. Among those based in both Monaco and Dubai is Monegasque Sébastien Noat, head of the Vibe Squad advising on luxury hospitality for Gulf countries. All three have forged good contacts that they were able to share with members of the delegation.
Monaco Economic Board returns for the Dubai International Boat Show (5-10 March), in a joint trip with members and organisations united under the Cluster Yachting Monaco, the aim of which is to make ‘Monaco Capital of Yachting’. At the same time, a Monaco Private Label evening is inviting prestige guests on Wednesday 9 March, thereby exploiting and promoting synergies between these events.
MEB is already preparing Trade Missions to St Petersburg in June and Madrid in October.
Background
In 2017, Monaco Economic Board hosted a Dubai delegation of 20 entrepreneurs led by Minister of the Economy Sultan Al Mansouri.
In November 2018, during an official visit by HSH Prince Albert II of Monaco to Dubai, MEB organised a Trade Mission and signed a cooperation agreement with the Dubai Chamber.
➢ Press contact: Benoît Ulrich / Delphine Quilichini - presse@meb.mc
