RIYADH: Government-owned Dubai Multi-Commodities Centre, or DMCC, has signed an initial agreement with Monaco Economic Board in a bid to attract ultra-rich individuals.
Dubai and Monaco are both synonymous with the ultra-wealthy. The agreement focuses on enabling Ultra High Net Worth Individuals and family offices, with DMCC being the primary destination for global business.
This comes as the two cities seek to further strengthen the economic synergies and expand bilateral trade relations, the Government of Dubai Media Office reported.
“The agreement will build on our existing strategic bonds and allow us to explore further trade opportunities between our two countries,” CEO and executive chairman of DMCC, Ahmed Bin Sulayem, said.
“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,” he added.
The deal comes following the recent European roadshow held by DMCC, where it signed agreements with key counterparts and strategic partners to strengthen collaboration and attract foreign direct investment to Dubai.