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ECONOMY

set up there in 2020. Then general manager “help Monégasque companies navigate real estate and large Family Offices. Given
of the ME Dubai Hotel, the Monégasque Dubai’s dynamic business environment.” its proximity and infrastructure, Dubai offers
launched the most expensive hotel package “DMCC is a strategic partner,” esteems Michel European markets a unique opportunity to
in the world for the transition to the year 2021: Dotta. “This agreement serves to show the maximise their economic potential by accessing
three nights, plus a Bugatti and a watch for $2.4 synergies between Monaco and Dubai and, global markets. Similarly, UAE companies can
million! Today, he is the proud boss of Vibe more importantly, the endless possibilities for benefit from Monaco’s strategic location, with
Squad: “Dubai has become the reference, the future collaboration,” adds Guillaume Rose, easy access to European markets,” a DMCC
trendsetter, ahead of London...No less than 100 Executive Director General of the MEB. In which spokesperson said.
concept restaurants opened in 2021!” domain? According to DMCC spokespersons, An institutional event, the signing of this
the possibilities are endless: “Innovation and Memorandum of Understanding served as a
A $4 billion market technology are two areas that we see as key bridge for Monaco and Dubai entrepreneurs.
No wonder then that the Monaco Economic drivers in today’s world and companies at Following b2b meetings organised by the MEB
Board (MEB) has initiated several economic the forefront of these areas will be ahead, and DMCC, interesting contacts were made. At
missions to the Emirates this year. At the end regardless of industry. Blockchain is going the head of Valeri Agency, Florian Valeri came
of January, a delegation bringing together mainstream and businesses are exploring to prospect to find connections on site, able to
around 30 local entrepreneurs, representing its potential.” Dubai is also a reference in offer properties to his customers. “More and
sectors of activity as diverse as tech, finance, world trade in raw materials. “It has become more Monégasques and Monaco residents
real estate, industry and services, took up their a leading global centre for the diamond and are interested in owning property in Dubai,”
pilgrim’s staff. gold trades,” boasts DMCC; and the impact of indicates the real estate agent, judging the
“Dubai is an essential destination in terms of the Covid crisis is said to be limited: “DMCC Dubai market to be amongst the most attractive.
business - it is a hub, a fabulous hub where had a remarkably strong 2020 and registered a Luxury services for an average price of around
everything happens,” according to Michel record 2,485 new member companies in 2021, €5,000 euros per m², no tax, including on capital
Dotta, President of the MEB, who is convinced the highest number since its inception, which gains, registration fees limited to 4% of the value
that “the United Arab Emirates (UAE) offers is a testament to Dubai’s continued appeal.” of the property (2% for a purchase off-plan):
great opportunities to the Monaco business Objectively speaking Monaco may not yet “Dubai is at the forefront of real estate. Given
community.” In the heart of the Persian Gulf, represent much for the UAE but Dubai is its ability to transform the city in 20 years, it
this Emirate worth $108 billion is, indeed, ideally visibly attracted by the business potential of is a shining light in the world.”
located, representing a market of four billion the Principality. The Monégasque arguments For some Monégasque entrepreneurs, Dubai
people within a radius of four hours by plane. “It of political stability, security and soft taxation is a market to conquer. A leader in household
is the number one destination by far amongst are clearly appealing. “By abolishing all direct products for precious metals, Alexandre
Arab countries, strategically positioned between taxes in 1869, the Monégasque recipe for Hagerty came to promote the family firm,
Asia and Africa. It has become even more governance has proven to be very effective, particularly targeting royal houses. If he has
attractive for investors since 2020 because resulting in no public debt. Monaco was also already converted Buckingham Palace and
100% foreign shareholding is possible except one of the first nations to commit to Expo 2020 the Palace of Monaco, he intends to add to
for in a few sectors,” add Alessandra Modena Dubai and, as such, Monaco represents one of his 80 current prestigious clients the Emirati
and Jean-Baptiste Neel, General Manager and our priority markets,” said Ahmed Bin Sulayem, palaces. As for the Therascience laboratory,
CEO of Key Strategy, a Multi-Family Office in Executive Chairman and CEO of DMCC. “The it wants to establish a branch in Dubai. After
Dubai, a partner of the MEB. two countries also share a number of key scouting along with the MEB, CEO Jean-Pierre
economic sectors, including professional Agarra returned there for a month in March to
“DMCC is a strategic partner” services, financial businesses, UHNWIs, IT, finalise the deal.
To forge links with this strategic market, the
MEB had already signed in November 2018,
during the trip of Prince Albert II to Dubai, a
cooperation agreement with the local Chamber
of Commerce (Dubai Chamber). The next step
was to approach the authorities of Dubai Multi-
Commodities Centre (DMCC). Established in
2002 to attract and promote trade across the
Emirate, DMCC is one of the largest free zones
in the world. DMCC is now home to more than
20,000 member companies from 190 countries,
all sectors combined (international trading,
tech, real estate, finance and so on) and a
business community of more than 100,000
people - hence the value of a Memorandum
of Understanding with this ecosystem to @ DR

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