Hungarian champions stun Monaco

Ferencváros took all three points away from the Principality, beating AS Monaco 1-0 in a cagey, low-quality affair at the Stade Louis II on Thursday.

Philippe Clement said pre-match that he was expecting to come up against a “fresher” side in Ferencváros, and it certainly looked that way in the first-half. Monaco struggled for rhythm and couldn’t match the intensity that they had shown in recent games. Simple passes went astray and the side looked devoid of creativity.

Reduced to creating just half-chances, they went into half-time grateful still to be level. Tokmac Nguen thought he had given the visiting side the lead midway through the opening period when he tucked the ball past Alexander Nübel when 1v1. However, the linesman raised his flag, and following a lengthy consultation with VAR, the original decision stood. For Ferencváros manager Stanislav Cherchesov, the 900 Hungarian fans in attendance “gave the side a feeling of being at a home match at time,” but they were momentarily silenced following the disallowed goal.

Something clearly needed to change at half-time, either mentally or tactically. As the teams emerged from the tunnel for the second-half, it was clear that Clement had seen enough. Off came Vanderson and Krépin Diatta and on came Ruben Aguilar and Maghnes Akliouche.

Whilst Akliouche added some zip and urgency in the offensive phases, little changed for Monaco, who continued to struggle to find that creative spark. Nontheless, in a game of few chances, they only needed one moment, and they were gifted it midway through the second-half.

A deflected cross saw the ball fall fortuitously at the feet of Ismail Jakobs, who had the goal at his mercy just five yards out, unmarked and in space, but his snap-shot was denied by the trailing leg of Dénes Dibusz.

That proved to be a turning point. Just minutes later, Ferencváros had their chance, and they, unlike Monaco, didn’t miss. Substitute Bálint Vécsei’s deflected volley wrong-footed Alexander Nübel, who could only parry onto the post and agonisingly just over the line.

The score remained at 1-0, meaning that Ferencváros secure consecutive victories in the Europa League, having already beaten Turkish side Trabzonspor 3-2 last week. They are the only side to have a 100% record, whilst Monaco, with one win and one loss slip to third.

Clement’s analysis of the match was simple: you take your chances, you win. “Efficiency in Europe is important to get the result. In the first-half our rhythm wasn’t good enough. In the second-half we raised the tempo and we really pushed with opportunities that should have been goals, notably Ismail’s [Jakobs]. With efficiency, you win matches like that, without it you don’t win,” said the Belgian coach. 

Attention now shifts to Sunday’s match away to Reims, where they will be hoping to head into the international break on a high by securing a third consecutive Ligue 1 victory.


Monaco funds the protection of Ukrainian museums

The Prince’s Government is helping the ALIPH Foundation protect two heritage museums in Odessa, Ukraine, which are at risk of being destroyed in the current war.

The ALIPH Foundation was created in 2017 and works to protect sites, monuments, museums, libraries, and archives and their collections, in around 30 countries in conflict or emerging from crisis.

Since the beginning of the war on Ukraine on 24th February 2022, many sites and objects of Ukrainian cultural heritage have suffered significant damage, causing irreparable loss of the heritage, culture and identity of the Ukrainian people.

On 7th March, ALIPH set up an action plan for the protection of this heritage. It aims to support concrete actions with Ukrainian museums through the production of inventories, the purchase of equipment for the protection of works, and the strengthening of the security of buildings and storage places.

Valéry Freland, Executive Director of the ALIPH Foundation, and Monaco’s Minister of External Relations and Cooperation Isabelle Berro-Amadeï. Photo credit: Manuel Vitali, Government Communication Department

Monaco began collaborating with ALIPH in 2020, when it was working to protect heritage in north-eastern Syria, namely the rehabilitation of the Raqqa Museum, and also in Lebanon.

On 13th September 2022, Monaco’s Minister of External Relations and Cooperation Isabelle Berro-Amadeïsigned a Financing Agreement with Valéry Freland, Executive Director of the ALIPH Foundation, to safeguardand secure the cultural property of two museums in the city of Odessa, Ukraine, threatened by bombardments, potential looting and other damage caused by the war.




Photo above: Odessa Archaeological Museum by Haidamac on Wikipedia




Q2 stats reveal record-busting revenues for Monaco

Revenues rose 21% in the second quarter of 2022 to reach a record-high of €8.7 billion, and that’s not counting Financial and Insurance activities. Here are some other standout figures from the latest IMSEE financial report.

Monaco’s economy is rebounding nicely after two years of downturn and uncertainty, according to the latest report by IMSEE, the Principality’s statistical agency.

Overall trade volume hit €1.6 billion, excluding France, in the first half of this year, which is a marked increase of 19.7% over the same time last year. Despite these solid gains, it is still 16.6% lower than 2019 levels.

The trade deficit increased to -€425 million, and the coverage rate fell by roughly eight points. Exports are increasing, with figures showing €52.2 million at the end of June, but this is offset by imports, which have grown four times as fast to €206.9 million.

Two-thirds of exports go to the EU, and Italy is the country’s main trade partner accounting for 22.5% of transactions, followed by Germany who represent 12.2%.

Not counting Financial and Insurance activities, revenues reached a record-busting €8.7 billion, a 20.8% or €1.5 billion rise in this first half of the year, surpassing last year and even the pre-pandemic period. Wholesale trade accounts for over a third of the overall figures and grew by €708 million in this period. IMSEE says this is down to trade in fuel, ores, metals, and industrial chemicals, as well as wholesale sales on a fee or contract basis.

Accommodation and food service sector activities were also big winners, nearly doubling their revenues and coming close to being back at levels seen before the health crisis.

The amount of assets managed by local banks shows a rosy picture over the last year also, gaining 1.9%, and the amount of loans granted was also up by 9.2%.

The second quarter of 2022 though has been slightly marred by world economic uncertainty and saw asset management fall by 3.2%. On a positive note, deposit values have increased by 15.1%.

At the end of June, the number of active jobs reached a new high of 60,509 in the private sector. This comes out to 4,500 more jobs than the year before, an 8% increase.

Many of these job gains are in the Accommodation and Food sector, which added 2,000 new jobs alone. Transportation and Storage were the next best, increasing by 11.6%. Though encouraging, these figures still don’t reach pre-pandemic levels.

Meanwhile, the number of new businesses opening fell by quite a bit from 2021. Only 358 have been created this first half of 2022, compared to 437 the year before. Companies that shuttered their doors rose from 241 to 252 in the same period, making for a creation-closure balance of +106 in the second quarter 2022 compared to +196 in 2021.

Tourism rebounds strongly as international visitors return

The main tourism indicators are up significantly, with the number of arrivals increasing by a strong 79.1%. The average length of stay also increased. The number of rooms occupied in overnight stays more than doubled to +114.7%, which is equivalent to 124,666 additional overnight stays compared to the same period last year. As a result, the occupancy rate exceeded 50% in the first half of the year, however, this is lower than in 2019, which stood at 63.7%.

With 38.8% of tourists coming from outside the European Union, compared to 12.3% in Q2 2021, this half-year illustrates the return of international tourism to Monaco. It also marks the resumption of cruises, which have been at a standstill since 2020 due to the epidemic. 56 ships docked in the Principality from April with 24,825 passengers on board.

Real estate is also looking good with 33 sales equalling €342 million. New property sales have recorded their best year since 2006, and the market has gone beyond the level it normally reaches in an entire year, in both value and volume.

Resales had 233 transactions with €1.2 billion in sales, more than 2021 by €380 million. In general, the market for homes is up by 15%.

People are also resuming travels, and helicopter traffic has risen by a massive 151%, or 6,946 flights, over 2021, with 205%, or 15,656, more passengers.




Photo by Stephanie Horsman, Monaco Life






Princess Grace Theatre announces 2022-23 season line-up

The Princess Grace Theatre’s new season opens in October with a huge schedule of exciting events, including a performance by French singer Vanessa Paradis.

The Princess Grace Theatre has unveiled its calendar with over 32 performances, including such timeless classics as comedies by Oscar Wilde with The Importance of Being Ernest and Shakespeare’s As You Like It, as well as star turns with Charlotte Rampling lecturing on Shakespeare-Bach and Mom by Samuel Benchetrit with Vanessa Paradis, and film events such as the one featuring Orson Welles as Falstaff, amongst the many highlights.

The jam-packed schedule certainly has many familiar titles, but also a number of new creations to discover written by up and comers on the scene, which are sure to become instant classics in their own rights, such as Friendly Advice with Christian Vadim, Marie Fugain and Manuel Gelin, and an immersive concert set to the George Orwell book 1984.

“We are a stage open to everyone, especially to quality,” said Françoise Gamerdinger, Director of the Princess Grace Theatre. “It’s a literary season with its share of comedy, which will arouse curiosity. I believe it is a season that will make us laugh, cry and above all think. These are all precisely the missions of the theatre.”

One can’t-miss event is the opening night, 5th October, when Francis Huster, alone on stage, evokes one of France’s most celebrated writers in Molière, an event marking the 400th anniversary of his birth.

The theatre is taking pocketbooks into account this season, capping out ticket prices at €38 for known shows and €28 for the new offerings, making them accessible to everyone. This is part of a push to get people back in the habit of going to the theatre after the pandemic years. Additionally, they are trying out new things to attract audiences.

“The public has evolved in recent years,” said Gamerdinger. “This year, we are introducing two new features. First, the shows start at 8pm instead of 8:30pm. This allows you to get out of work quietly and come to the show straight away. And for a drink before, we have set up a catering point, which was missing, in the bar-foyer.”

For more information or to purchase tickets, which go on sale 24th September, visit the Theatre’s website on




Photo by Monaco Life





Classic cars from Prince’s collection on display at St-Jean-Cap-Ferrat

For a chance to see a collection of rare cars up close, head to the Saint-Jean-Cap-Ferrat Prestige event this weekend where classic vehicles, including some owned by Prince Albert II, will be on display.

Vintage car lovers will not want to miss the Saint-Jean-Cap-Ferrat Prestige car show being held 18th and 19th September in the port of the village of, you guessed it, Saint-Jean-Cap-Ferrat.

Amongst the highlights, a restored 1965 Aston Martin DB6 Mk1 owned by former Formula 1 driver Thierry Boutsen and several cars from the collection of Prince Albert will be on display in the Monaco Pavilion of the event, organised by the Mairie and Top Marques and which is part of this month’s Heritage Days celebrations.

There will be two parallel events happening during the weekend. The first is the exhibition, which will be on for both days, and second a Concourse d’Elegance, which will take place on Sunday the 18th. Thierry Boutsen, who is Ambassador of Top Marques Classic Cars and founder of Boutsen Classic Cars, will be presiding over the Jury of the Concours d’Élégance.

The idea behind the event is to promote classic cars from throughout the 20th century, and the theme this year is The Italian Beauties under the general theme of Coupés and Cabriolets.

Admission is free to all. A full listing of the programme can be found on the website at




Photo: julia_nystrom_photography










A busy few months ahead for MEB members

On the Yacht Club of Monaco’s Observatory Deck, the Monaco Economic Board (MEB) returned to work on Tuesday after the summer holidays for its 42nd Members Rendezvous. It was an opportunity to look ahead to the many events planned between now and the end of the year.

To an audience of 350 decision-makers and officials at this networking cocktail, Chairman Michel Dotta’s welcoming remarks reflected a certain optimism, following an excellent summer season in terms of tourism and good results for other sectors like construction and real estate. For his part, MEB Executive Director General Guillaume Rose presented the many events the team has arranged between now and the end of the year.

Two talks by renowned economists are on the agenda: Jean-Pierre Petit, President of Cahiers Verts de l’Economie, in partnership with Jutheau et Husson on 16th September, then Christophe Barraud, Chief Economist and strategist at Market Securities on 4th October as part of the Monaco Business Show, of which MEB is a partner. There will also be a talk by the MEB / Monaco Matin Eco Club on attractiveness at the show.

MEB will also take the opportunity to renew its cooperation agreement with the Sophia Antipolis Foundation, with a signing on their shared stand, to ramp up its regional activities.

It also continues its partnership with the Government’s digital transition programme, Extended Monaco for Business, including co-organising a conference on proptech on 24th November.

Finally, the yearend sees the 11th MEB / Monaco Matin Eco Club Awards which recognises outstanding companies in the Principality on 29th November in the Grimaldi Forum.

Photo from left to right Jean-Jérôme Perrin-Mortier, Director General of Peace and Sport; Guillaume Rose, Executive Director General of the MEB; Michel Prost-Dumont and Sophie Arnaud-Deromedi, respectively Vice-President and President of the Foreign Trade Advisors of France in Monaco; Michel Dotta, President of the MEB, H.E. Maguy Maccario Doyle, Ambassador of Monaco to the United States and Canada, credit MEB / Carte Blanche

Many activities are planned on the international scene, with three Trade Missions on the agenda, first to Montréal and Toronto (18th to 24th September) with Monaco’s Embassy in the United States and Canada, then to Madrid (13rd to 15th October) with Monaco’s Embassy in Spain, and lastly to Paris (13th to 15th December) to coincide with a performance by the Opéra de Monte-Carlo.

In Monaco, two delegations of entrepreneurs, one from Carinthia in Austria (7th October) and the other from Estonia (20thOctober) are expected to forge new economic ties.

And now that digital technology is indispensable for prospecting, MEB will participate in the China International Import Expo, a major trade fair for Chinese importers and companies wanting to set up or grow their business. Monaco will have a virtual national pavilion created in collaboration with the Monaco Embassy in China.

Another big opportunity will be when the Principality hosts the Mondial des Conseillers du Commerce Extérieurs de la France(CCE) from 19th to 21th October. Sophie Arnaud-Deromedi (Adstoria) and Michel Prost-Dumont (Banque Populaire Méditerranée), Vice-President and President of the CCE in Monaco presented the event alongside Guillaume Rose. It will gather around 1,000 French business leaders, working in more than 100 countries. Fifty MEB company members will have a chance to meet them at one-on-one meetings, and benefit from the business sessions and a networking cocktail.

Another organisation highlighted was Peace and Sport. Its CEO, Jean-Jérôme Perrin-Mortier talked briefly about its mission to promote peace through sport in regions where there are tensions and conflict. These are tangible projects that provide opportunities for companies to develop their CSR policies. Jean-Jérôme Perrin-Mortier will be back again for the International Forum that Peace and Sport is organising in Monaco 1st to 2nd December 2022.

At the Members Rendezvous, participants took full advantage of the fabulous setting to exchange cards, talk business and find prospective customers during a five-star cocktail.


Photo above credit: MEB / Carte Blanche