27/01/22

UNITED ARAB EMIRATES: Dubai, Monaco sign deal to attract more ultra-wealthy investors.

As published on arabianbusiness.com, Thursday 27 January, 2022.

Dubai Multi-Commodities Centre (DMCC) has signed an agreement as it looks to strengthen ties with Monaco, the European tax haven that is widely recognised as one of the wealthiest places in the world.

DMCC said it has signed a memorandum of understanding (MoU) with the Monaco Economic Board (MEB), an entity that oversees all economic activities in the Principality of Monaco.

The agreement aims to further strengthen the economic synergies and expand bilateral trade relations. With both Dubai and Monaco being two of the most popular places for the world’s ultra-wealthy, the agreement focuses on enabling ultra high net worth individuals (UHNWI) and family offices.

Ahmed Bin Sulayem, executive chairman and CEO, 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.

“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.”

Michel Dotta, chairman, MEB, said: “The UAE offers great opportunities to Monaco’s business community, with DMCC being a key strategic partner for their international expansion… 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, CEO, Monaco Economic Board, 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.”

The agreement follows a recent European roadshow held by DMCC, during which it signed agreements to strengthen collaboration with key counterparts and strategic partners, attract foreign direct investment to Dubai, and showcase the ease of doing business in the emirate.