Focusing on Ultra High Net Worth Individuals and family offices, DMCC, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, has signed an MoU with Monaco.
The MoU also aims to aims to further strengthen the economic synergies and expand bilateral trade relations between Monaco and Dubai.
The MoU was signed by Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, and Michel Dotta, Chairman, Monaco Economic Board (MEB).
With both Dubai and Monaco being two of the most popular places for the world’s ultra-wealthy, the agreement targets enabling Ultra High Net Worth Individuals (UHNWI) and family offices, with DMCC serving as the premier destination to set up a global business.
Bin Sulayem 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, with their impressive pavilion also being one of the first to be completed.
“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.”
Dotta said: “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.”
Guillaume Rose, CEO, MEB, 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. I commend DMCC for its vision for Dubai and willingness to engage with likeminded international partners such as ourselves in Monaco.”
The agreement comes after 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.
During their visit, DMCC attended UNITE—Unlocking New Investments, Trade, and Economies, an event that provided a platform for family offices and funds to explore what Dubai has to offer through DMCC.-- TradeArabia News Service