Monaco Economic Board (MEB) played a key role in a major business promotion drive with a focus on yachting at the Dubai International Boat Show (DIBS) held 8-13 March. Alongside Cluster Yachting Monaco, Yacht Club de Monaco and companies linked to the sector – the majority MEB members – were there to promote the Principality’s advantages to high ranking contacts, and explore new opportunities for trade between the two countries.
On site, Cluster Yachting Monaco and its members had a stand to welcome customers and prospects as well as visitors and exhibitors to the show. Among the many personalities there were members of the Emirates Royal Family including H.E. Hamdan bin Mohammed bin Rachid Al Maktoum, son of the Emir of Dubai. The Vice President, Prime Minister and United Arab Emirates’ Minister of Defence also visited the stand. More broadly, it was ‘Monaco Capital of Yachting’ that was promoting the state’s expertise.
For MEB, it was an opportunity to strengthen ties with contacts already made during past Trade Missions to a region considered a priority target. It is because Dubai is synonymous with ambition, innovation and growth, as well as being the venue for Expo2020 that Monaco Economic Board chose this as a flagship destination for 2022. Principle trading hub for the Middle East, Dubai today is a preferred location for international companies looking to tap into fast growing markets.
First step was to meet key yachting sector players at a conference organised by Cluster Yachting Monaco on Yachting, Design & Sustainability held in the Monaco pavilion.
MEB also had a presence on the stand to greet and talk to foreign companies interested in setting up in the Principality.
A succession of business meetings were held, a chance for MEB Executive Director General Guillaume Rose and his deputy Justin Highman to meet their counterparts at Sharjah Invest, Mr Mohamed Juma AL Musharrkh CEO and Marwan Saleh Alichla, Investment Director. Sharjah is widely recognised as the UAE’s cultural capital, industrial centre and nerve centre for education. This Emirate is also fast becoming known as a pioneer of sustainable development and logistics initiatives with its three ports and airport, and as an R&D and innovation hub.
MEB was also hosted by Mr Hassan Al Hashemi, Vice President of long-time partner the Dubai Chamber of Commerce, to continue the working relationship and plan new projects, with MEB inviting the Dubai Chamber to bring a delegation to Monaco in 2023.
Finally, at a work meeting between Mr Fahad Al Thani, Director at “Dubai FDI”, the Dubai government’s business development agency, and MEB’s directors discussed areas with the potential for business collaborations.
Once again, MEB could rely on Michel Bouquier, the man behind Monaco Private Label, to enable key stakeholders in Monaco to meet prestigious figures in the Emirates at one of his recruitment dinners.
As part of its role in supporting businesses in the Principality, MEB organised a networking dinner for the driving forces behind this trip, the 40-plus Monegasque entities with their local partners for which it was a chance to consolidate ties and make new contacts.
The scope and variety of meetings and promotional activities confirmed MEB’s position as an invaluable support for Monegasque companies and an important player for approaches directing business to the Principality.
For Guillaume Rose, the trip was “an opportunity to bring to fruition ties already established and create new ones to steer Monaco trade towards the economic fabric of one of the most dynamic cities in the world”.
MEB is already preparing its next Trade Missions to Venice in May and Madrid in October.
Coming up: the AGM and Members Rendezvous on 11 April, a Trade Mission to Venice with Ambassadors of Destination Monaco from 3 May, and the ‘Presidents of Parliaments of Small European States’ Conference on 13 June.