The Monaco Economic Board (MEB) recently led a mission to Abu Dhabi, bringing together institutions, companies, and major banks from Monaco. The aim was to forge lasting ties with economic players in the Gulf. We look back on this mission with Justin Highman (Deputy CEO of the MEB), Francesco Grosoli (Managing Director of CMB Monaco), Jad Bardawil (Managing Director of CFM Indosuez Monaco) and Ernesto de Marzio (Head of Private Banking at UBS).
Justin Highman: an economic cooperation agreement with the France-United Arab Emirates Chamber of Commerce. What were the main objectives of this economic mission to Abu Dhabi?
As with any economic mission, the objectives of these trips are manifold: to explore the many opportunities offered by the host country, strengthen bilateral relations and initiate promising contacts with local economic players. We do everything we can to help Monegasque entrepreneurs find trusted contacts, influencers and/or prospects to develop their business.
What were the participants' reactions to the opportunities they encountered there?
The participants were delighted with the contacts they made. The discussions were intense and all the participants were able to attend relevant meetings. The mission ended with concrete prospects for collaboration and an expanded network for our companies. The trip also allowed us to consider new opportunities that could be very interesting in terms of enhancing the Principality's attractiveness.
Can you share some examples of concrete results?
During the trip, the MEB signed an economic cooperation agreement with the France-United Arab Emirates Chamber of Commerce. Partnership discussions are planned between MonacoTech and the Hub71 innovation hub. Discussions between Monegasque and Emirati companies will continue over the coming weeks to finalize the projects initiated during the trip.
What were the biggest difficulties or logistical challenges?
The trip was planned during a difficult period, coinciding with the end of Ramadan and Eid celebrations, which meant a week of public holidays in the country. This slowed down the organization of our program considerably. However, once this period was over, things quickly picked up speed and we were able to efficiently finalize the preparations for the mission during the last two weeks before the mission.
Are you planning any other similar missions in the region?
The MEB has a particular interest in the Persian Gulf region, where our companies could develop their business. We have already carried out successful economic missions in Dubai and Riyadh last year. We intend to continue this momentum, particularly in Bahrain, Oman, and Qatar, and are also considering returning to Saudi Arabia, as the country has enormous potential.
Francesco Grosoli: “We need to build a strategic bridge between Monaco and the Emirates.”
For Francesco Grosoli, this mission goes beyond the purely economic sphere: it is part of a long-term geostrategic vision.
"I am calling for a strategic rapprochement between the Principality and the Middle East, particularly the Emirates. It is a long-term project, at the crossroads of financial and institutional interests. There is undeniable wealth creation in this area today, due to historical activities linked to gas, but also to a major economic transformation. It is a ‘Monaco to the power of 100’, which we must move closer to."
He highlights the structural similarities between Monaco and Abu Dhabi: security, quality of life, no income or capital gains tax, and political stability. This combination of assets makes the region attractive to wealthy residents from all over the world.
“Every day, Dubai welcomes nearly 1,000 new wealthy residents. The Dubai real estate market alone records between $3 billion and $6 billion in transactions per week!”
This dynamic opens up a strategic opportunity for Monaco, beyond tourist visits:
“Many Gulf residents already own property in the south of France and come to Monaco for leisure. We now need to strengthen ties with certain Gulf countries, including the Emirates, and build long-term relationships.”
The MEB's mission in Abu Dhabi is a good starting point:
“Our representative reported 48 hours of very high-quality, well-organized meetings with no downtime. There were high-caliber speakers and useful contacts with both investors and professionals.”
But he adds a note of caution:
“There is still a lot of work to be done. Monaco is still not very present in the wealth management strategies of Middle Eastern families, which have historically been focused on Switzerland and the United Kingdom. There is a lot of information to be provided. It is a long but necessary task.”
Francesco Grosoli concludes by emphasizing the power of Monaco's image:
“Monaco is an incredibly strong brand, disproportionate to the size of the country. It shines like a great state. But this reputation is not enough: it must be brought to life with concrete actions, targeted follow-up, and real groundwork. The target clientele is extremely demanding and represents only a few thousand families worldwide. It is to them that we must address ourselves.”
Jad Bardawil & Ernesto de Marzio: contrasting views.
What motivated you to take part in this mission?
Jad Bardawil (CFM Indosuez): Indosuez has been present in Dubai since 1974. Abu Dhabi represents the institutional face of the Gulf, with a significant increase in the number of international family offices.
This mission was perfectly in line with our strategy of strengthening ties between Geneva, Monaco, and the Middle East.
Ernesto de Marzio (UBS): We often participate in this type of mission through the MEB. Abu Dhabi attracts our attention because of its potential for development in the banking sector, particularly in wealth management. It offers unique opportunities that complement the existing financial landscape in the region."
What kind of contacts were you able to establish?
Jad Bardawil: The program offered an interesting balance between official visits and free time for our own meetings. This allowed us to meet clients and partners in a structured setting while benefiting from the collective dynamic of the mission.
Ernesto de Marzio: We met many professionals. Abu Dhabi is a country of contacts; you go there to build relationships. Even though UBS already has a strong presence in the region, this type of mission helps to raise the profile of the Monaco brand.
How do you assess the business opportunities there?
Jad Bardawil: Abu Dhabi attracts many family offices, particularly following the geopolitical instability in South Asia and the new UK tax rules. It is a natural destination for international clients who are reassured by the application of English common law, particularly in the Abu Dhabi Global Market (ADGM).
Ernesto de Marzio: Yes, the opportunities are real, especially in wealth management. The market continues to attract big names. And we know that many of these families are looking for alternative solutions in Europe. Monaco fits into this logic.
Which sectors or projects have particularly interested you?
Jad Bardawil: Real estate is a key area in both directions: Emiratis want to invest in Monaco and the south of France, and European investors are looking to take advantage of the strong local economy. There is also growing interest in start-ups and, of course, emerging technologies.
Ernesto de Marzio: There is a noticeable interest in culture. Abu Dhabi's museum district is remarkable: the Louvre, the Guggenheim, the National Museum. All were designed by renowned architects, including Jean Nouvel, who also designed La Villa Belgica, the new headquarters of UBS Monaco. Art and sustainable investment are sectors we are following closely.
What about the regulatory environment?
Jad Bardawil: Dubai and Abu Dhabi have understood that administrative simplicity and digitalization are decisive criteria. They are examples to follow. It's not just a question of compliance, it's a matter of competitiveness. They have even set up teams dedicated to supporting this clientele.
Ernesto de Marzio: Abu Dhabi's ambition to become an international financial hub is clear. They have the means to achieve their ambitions, with 8% of the world's oil reserves. They are investing in sectors of the future, focusing on international openness.
Any final thoughts?
Jad Bardawil: Middle Eastern clients are currently under-represented in Monaco. They represent a natural source of growth. We are now positioning ourselves as a facilitator to strengthen this link.
Ernesto de Marzio: Abu Dhabi is a city undergoing rapid change. It is cosmopolitan and ambitious. Monaco has a place in this dynamic if it makes itself visible and present.
