The MEB reports a remarkable International Year in Jeddah, Saudi Arabia, with 34 Monegasque Companies and Institutions leading the way.

The Monaco Economic Board (MEB) selected Jeddah, located between Mecca and Medina—two important Islamic holy sites —and at the centre of one of the world's oldest trading cities, to wrap up an international year filled with many trips and hosted events.

To end the year on a high note, 49 participants representing 34 companies had the opportunity to meet with economic players, decision-makers, and Saudi institutions in the Jeddah region from November 24 to 27. The aim was to discover a rapidly booming market whose increasing openness is palpable even in the historic alleyways of Jeddah's old city.

The Monegasque delegation included several prominent figures from the Principality: four leading law firms, influential companies in yachting, fashion, real estate, communications, logistics, interior design, and private aviation, along with firms that specialise in establishing and managing marinas and sailing schools. A major bank, specialists in copyright and intellectual property, and various emerging technology companies also participated. Artist Laurence Jenkell, renowned globally for her large-scale "sweet" sculptures, contributed an artistic element to this distinguished delegation.

After an outstanding social and cultural programme at the legendary site of AlUla as a prelude to the mission, the trip's first highlight took place at the Jeddah Chamber of Commerce.

Following welcome addresses from the leaders of the Monegasque and Saudi Chambers of Commerce, Ludmilla Raconnat Le Goff outlined the objectives of the Attractiveness Unit to both the attending companies and Saudi organisations, prior to the start of the customary business meetings.

The session ended with the signing of a Memorandum of Understanding between the two Chambers of Commerce. This agreement aims to facilitate mutual introductions among their members.

Discussions then continued at the luxurious Jeddah Yacht Club marina, this time specifically alongside the American Chamber of Commerce Saudi Arabia (AmCham Saudi Arabia). Yachting professionals, Saudi market experts, and many new participants met for the first time.

The delegation gained important insights from Manus Ward, who emphasised the vastness of the KAUST R&D ecosystem, its innovative initiatives, and its top-tier accomplishments, establishing this institution as one of the leading scientific centres in the region.

The next day focused mainly on strategies for entering the Saudi market, covering commercial practices, import-export processes, payroll solutions, and subsidiary setup procedures, all guided by Altios International. Experts shared their insights, including the General Manager of Informa for Saudi Arabia—referred to as Tahaluf in the Gulf region—a prominent global events company that also organises the Monaco Yacht Show.

The mission ended with a visit to the Jeddah Central Development Company (JCDC), offering an in-depth look at this impressive giga-project that will completely transform the central Jeddah seafront and elevate the city to a top destination for tourism, business, and lifestyle.

This was only a conclusion, not an end, as all contacts agree that the exchanges between Saudi Arabia and Monaco, which began in early 2024 during an MEB mission to Riyadh, are merely beginning.