International Diplomat Magazine

Dubai Chamber hosts Prince of Monaco to boost ties


(Dubai) – The Dubai Chamber of Commerce and Industry hosted a meeting for a high-level Monegasque delegation headed by His Highness Prince Albert II of Monaco, as part of its efforts to boost Dubai’s economic ties with the European nation.

The visiting delegation, joined by prominent CEOs and business leaders representing a wide variety of economic sectors in Monaco, was received by Majid Saif Al Ghurair, Chairman of Dubai Chamber, Hamad Buamim, President and CEO of Dubai Chamber, Chamber officials and directors, and representatives of Dubai’s private sector. The meeting, held at Dubai Chamber’s head office, provided a platform for open and constructive dialogue between public and private sector stakeholders on both sides.

Addressing the visiting delegation, Al Ghurair described the meeting as an important step in building on existing UAE-Monaco ties and expanding bilateral trade and investment, especially within sectors where both countries are investing heavily.

“Monaco provides plenty of advantages for businesses in Dubai, such as its strategic location, easy access to EU markets, and strong expertise in the areas of maritime transport and manufacturing. At the same time, Monegasque companies can leverage Dubai’s status as a preferred business hub to expand their footprint in the Middle East, Africa and Asia, in addition to capitalising on new growth opportunities that are emerging across the UAE in the lead up to Expo 2020,” Al Ghurair said.

Hamad Buamim made a detailed presentation on synergies and bilateral business opportunities that can be explored between the UAE and Monaco. He pointed out that the two countries share many similarities as economies geared toward global trade, tourism, real estate, finance and foreign investment.

Buamim provided an overview of Dubai’s economy, business environment and strategic vision, in addition to the competitive advantages that the emirate provides to foreign companies and investors, such as its business-friendly environment, attractive free zones, and world-class infrastructure.

Michel Dotta, Chairman of the Monaco Economic Board, briefed participants about Monaco’s economic landscape and business environment, as well as investment opportunities that are opening up in the European market.

Following the meeting, Dubai Chamber signed a Memorandum of Understanding, MoU, with the Monaco Economic Board to facilitate knowledge sharing between the business communities on matters of mutual interest, such as economic prospects, business events, market intelligence, trade and customs rules, and regulatory developments.

Under the terms of the agreement, reciprocal support and assistance will be provided to members of each organisation with the aim of facilitating bilateral trade and commerce. Both parties will devote particular attention to boosting cooperation between SMEs.

The MoU was signed by Buamim and Dotta, in the presence of Dubai Chamber officials and directors, and the Monegasque delegation.