DMCC signs agreement with Monaco focusing on high net worth individuals

DMCC, the free zone and authority of the Government of Dubai concerned with trade in goods and projects, signed yesterday a memorandum of understanding with the Economic Council of Monaco, which oversees all economic activities in the Principality of Monaco.


The agreement was signed at the Almas Tower in the Jumeirah Lakes Towers area by Ahmed bin Sulayem, CEO and CEO of DMCC, and Michel Dutta, CEO of the Monaco Economic Council.

The agreement aims to strengthen economic partnerships and expand trade relations between the two parties, with a focus on high net worth individuals and family offices, given that Dubai and Monaco are among the preferred destinations for these two categories, as the Dubai Multi Commodities Center is the leading destination for establishing international companies.


Ahmed bin Sulayem, CEO and CEO of DMCC, said that Monaco, after the direct tax exemption law that it adopted since 1869, has proven the success of its corporate governance approach, which has resulted in the global debt being reduced to an almost non-existent level.

He added, "Monaco was one of the first countries to commit to participating in Expo 2020 Dubai, and one of the first countries to finish designing its distinguished pavilion, at a time when it is one of our priority markets," noting that the agreement is based on the current strategic links. And it will allow exploring more trade opportunities between the two countries.


For his part, CEO of the Economic Council of Monaco, Michel Dutta, said that the UAE provides many opportunities for the business community in Monaco, pointing out that DMCC is a key strategic partner for global expansion.

He stressed that this agreement will support efforts to stimulate commercial growth, while allowing the business community of Monaco to enter new, fast-growing markets.

It is noteworthy that the agreement follows the promotional campaign carried out by the DMCC in several European countries, during which it signed agreements to enhance cooperation with key international counterparts and strategic partners, attract foreign direct investment to Dubai, and clarify the ease of doing business in the emirate.

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