The Monaco Economic Board (MEB) selected Jeddah, located between Mecca and Medina—two of Islam’s most important holy cities—and at the heart of one of the world’s oldest trading hubs, to conclude an international year marked by numerous missions and hosted events.
To end the year on a high note, 49 participants representing 34 companies traveled to the Jeddah region from November 24 to 27. The objective was to meet with economic stakeholders, decision-makers, and Saudi institutions, while discovering a rapidly growing market whose increasing openness can be felt even in the historic alleyways of Jeddah’s old city.
The Monegasque delegation brought together several emblematic figures from the Principality: four leading law firms; influential companies operating in yachting, fashion, real estate, communication, logistics, interior design, and private aviation; as well as firms specializing in the development and management of marinas and sailing schools. A major bank, specialists in copyright and intellectual property law, and several emerging technology companies were also represented. World-renowned artist Laurence Jenkell, celebrated for her monumental “Candy” sculptures, added an artistic dimension to this high-level delegation.
Following a remarkable social and cultural program at the legendary site of AlUla as a prelude to the mission, the first highlight of the trip took place at the Jeddah Chamber of Commerce.
After welcome addresses by the presidents of the Monegasque and Saudi Chambers of Commerce, Ludmilla Raconnat Le Goff presented the objectives of the Attractiveness Unit to the participating companies and Saudi organizations, ahead of the launch of the traditional business meetings.
The session concluded with the signing of a Memorandum of Understanding between the two Chambers of Commerce, aimed at facilitating connections between their respective members.
Discussions then continued at the prestigious Jeddah Yacht Club marina, this time in collaboration with the American Chamber of Commerce Saudi Arabia (AmCham Saudi Arabia). Yachting professionals, Saudi market experts, and new participants had the opportunity to exchange for the first time in this privileged setting.
The delegation also benefited from valuable insights during a presentation by Manus Ward, who highlighted the scale of KAUST’s research and development ecosystem, its innovative initiatives, and its world-class achievements, positioning the institution as one of the region’s leading scientific hubs.
The following day focused primarily on strategies for entering the Saudi market, covering business practices, import-export processes, payroll management solutions, and the establishment of local subsidiaries, with support from Altios International. Several experts shared their experience, including the Managing Director of Informa for Saudi Arabia—known in the Gulf region as Tahaluf—a major international events group and organizer of the Monaco Yacht Show.
The mission concluded with a visit to the Jeddah Central Development Company (JCDC), offering an immersion into this ambitious giga-project that will profoundly transform Jeddah’s central waterfront and position the city as a leading destination for tourism, business, and lifestyle.
This was not an end, but rather a conclusion to a chapter, as all stakeholders agree that exchanges between Saudi Arabia and Monaco—initiated in early 2024 during an MEB mission to Riyadh—are only just beginning.
