UAE’s DMCC signs MoU with Monaco focusing on Ultra HNIs

By Salma C, Intern Reporter
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DMCC signs MoU with Monaco
Mr. Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, and Mr. Michel Dotta, Chairman, MEB at the signing ceremony

Dubai Multi Commodities Centre (DMCC), the fastest-growing free zone authority in the UAE has signed an MoU with the sovereign city-state Monaco with a focus on Ultra High Net Worth Individuals (UHNWI) and family offices. 

The MoU which expands bilateral trade relations and strengthens the economic synergies was signed by Mr. Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, and Mr. Michel Dotta, Chairman, Monaco Economic Board (MEB).

Ahmed Bin Sulayem Image
Ahmed Bin Sulayem
Executive Chairman & CEO

“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.”

The Executive Chairman further added that, “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,” Mr. Bin Sulayem remarked.

Meanwhile, Mr. Dotta observed that “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.”

Mr. Guillaume Rose, CEO, MEB, affirmed that “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.”

Earlier the two countries signed agreements to strengthen collaboration, attract direct foreign investment to Dubai, and showcase the ease of doing business in the Emirate, as part of the UNITE—Unlocking New Investments, Trade, and Economies, an event that provides a platform for family offices and funds to explore what Dubai has to offer through DMCC.

Related: UAE & EU explore ways to boost bilateral cooperation in various sectors