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In brief

Monaco foresees good economic opportunities with Saudi Arabia

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Guillaume Rose, CEO of MEB and Justin Highman, Vice-President received by the Federation of Saudi Chambers of Commerce - All rights reserved

The Monaco Economic Board (MEB) and the Prince Albert II Foundation visited the country to discuss the economic and entrepreneurial synergies that could be developed between the Kingdom and the Principality.

“It was a very instructive trip.” According to the press release sent by the MEB, Monaco’s businesses have good reason to be interested in Saudi Arabia. The Federation of Saudi Arabian Chambers of Commerce, the Riyadh Chamber and the investment body Invest Saudi welcomed the MEB representatives as “potential partners who are likely to create ongoing discussions with companies and institutions in the Kingdom.”

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The Principality’s ecosystem seems to be of great interest to Saudi Arabia, and in particular to the representatives of Invest Saudi, who make many investments abroad, particularly in the fields of technology, innovation, mobility, energy and sustainable development. All these sectors are particularly strong in Monaco, notably thanks to MonacoTech, cited as a “potential pool of talent”.

Similarly, the famous Beefbar Monaco restaurant, which opened in Riyadh in June, seems to be enjoying an overwhelming success, demonstrating the potential for permanent restaurant ventures.

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Finally, the automobile sector has not been forgotten: the MEB authorities were invited to the Formula E Grand Prix held in Riyadh at the end of January, and were able to see that Saudi companies, and more generally those of the Gulf States, were performing well in the field.

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During the three-day visit, the MEB met with Neom and the company’s Neom-McLaren stable. The MEB has already scheduled a return visit to Saudi Arabia in January 2024, for the ePrix certainly, but also for a very in-depth economic mission between Monegasque and Saudi companies.