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Day: 22 September 2025

From books to battlefields: Irish stories are set to sweep Monaco this October

by: Kyriaki Topalidou
22/09/2025

The Princess Grace Irish Library will host two fascinating talks this October, each exploring a different side of Ireland’s history. 

The first event is set to take place on October 2nd at 7pm, where Martin Doyle, books editor of The Irish Times, will offer insights into contemporary Irish literature. After having interviewed more than 50 authors for his book titled ‘Irish Writes in Conversation’, 1991-2025, featuring authors from Brian Moore to Sally Rooney and Claire Keegan, he will discuss the art of interviewing and asses the finest Irish fiction of the past 50 years, with particular focus on works set abroad.

Doyle is also the author of ‘Dirty Linen: The Troubles in My Home Place’ and brings 35 years of experience as an arts journalist. The talk aligns with this year’s library theme: ‘The reach and impact of Irish diaspora.’

Three weeks later, on October 21st at 7pm, Patrick Downes, Chair of the Lucas Foundation, will deliver a lecture titled ‘Valour Without Borders: Irish Honour on the Global Battlefield.’ This marks the first time the prestigious Lucas Lecture has been presented outside Dublin’s Royal Dublin Society.

Downes will explore centuries of global conflict during his talk, unveiling stories from soldiers who often remain untold, lost in history. His talk will guide listeners from the windswept trenches of the Crimea to the mountains of Afghanistan, exploring honours awarded to Irish soldiers marked by courage and sacrifice.

Both events take place at the library on the first floor. Tickets for Martin Doyle’s talk cost €10 and include a drink, available online through Weezevent. Both lectures will be followed by drinks receptions

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Main photo credit: Mathias Reding, Unsplash

Barclays Monaco CEO Gérald Mathieu departs amid private bank restructure

by: Cassandra Tanti
22/09/2025

Barclays Private Bank has confirmed the departure of Gérald Mathieu, CEO of its Monaco operations and former Head of Private Bank Europe and Middle East, following a strategic overhaul of its European business model.

The move comes as part of a broader restructuring effort at Barclays Private Bank International, which has led to the elimination of several regional leadership roles, including Mathieu’s. The bank said it is shifting to what it describes as a “market-led approach”, aimed at simplifying local structures and centralising client service operations.

Key leadership role cut

Gérald Mathieu’s position as Head of Private Bank Europe was removed entirely in the shake-up. His responsibilities as CEO of Barclays Monaco have now been handed on an interim basis to Olivier Franceschelli, who will report directly to Annabelle Bryde, Head of Private Bank International.

A Barclays spokesperson confirmed the decision, saying: “In Europe, this includes changes to senior leadership. The role of Head of Private Bank Europe has been removed, and as a result, Gérald Mathieu has decided to leave Barclays.”

Bank consolidates regional structure

The reorganisation is intended to reduce overlap between jurisdictions and streamline management across Barclays’ international wealth business. “The approach puts the client at the centre and organises global resources across locations to best meet their needs, irrespective of jurisdiction and booking centre,” the bank said in a statement.

Barclays has said the new model is designed to better coordinate client coverage, prospect management, and strategy, though it also reflects the bank’s decision to consolidate regional power under fewer executives.

Mathieu’s exit follows previous role shifts

Mathieu joined Barclays in 2010 and held a number of senior posts, including CEO of Barclays Switzerland, before moving into his Monaco-based leadership roles. That position in Switzerland has been held by Rahim Daya since 2021.

While Barclays did not provide further detail on Mathieu’s future plans, the bank made clear that his departure was linked directly to the internal restructuring, rather than a broader executive turnover.

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SBM announces luxury expansion at Monte-Carlo Bay and international ambitions in Dubai

by: Cassandra Tanti
22/09/2025

Société des Bains de Mer has unveiled a slate of strategic projects set to reshape its luxury portfolio both in Monaco and abroad, including the vertical expansion of the Monte-Carlo Bay Hotel & Resort and a new opening in Dubai. The announcements were made by President-Delegate Stéphane Valeri on 19th September, following the company’s Ordinary General Meeting of Shareholders.

One of the most ambitious developments disclosed is the planned elevation of the Monte-Carlo Bay by four floors. In a departure from traditional hotel expansion, the project will focus on creating high-end residential apartments rather than additional rooms. According to Valeri, the construction can proceed without altering the building’s existing structure, and aims to meet rising demand for luxury living within the resort footprint.

This project joins the ongoing incremental renovation programme at the Bay and Hôtel Hermitage, which has already enabled SBM to increase room rates by up to 25% on upgraded keys. The strategy is part of a broader push to optimise existing assets before launching entirely new builds.

Global ambitions: Courchevel confirmed, Dubai on the horizon

International growth is also on the table. Valeri confirmed that SBM’s Courchevel development — at the former Palace of Snow site — has cleared planning stages and is now slated to open by the end of 2027. The 5,000-square-metre project will include two restaurants, a Monte-Carlo 1863 venue, a Grill, and a Jimmy’z, mirroring the group’s Monaco flagship brands. SBM estimates a potential capital gain of €20,000 per square metre, underlining the project’s long-term investment value.

Meanwhile, the Monte-Carlo 1863 concept is set for Dubai, though the launch date remains dependent on securing a “sufficiently prestigious” location. Valeri reaffirmed the group’s commitment to Monegasque and Mediterranean identity in its overseas ventures, which will be managed via a 50/50 joint venture with its existing partner, D.ream.

Café de Paris retail boost and the next wave of real estate

In Monaco, the reopened Café de Paris complex continues to lift rental revenues thanks to a near-zero vacancy rate and new leases. But Valeri acknowledged that SBM is now approaching the income ceiling of its current real estate portfolio.

To unlock new growth, the group is preparing a major long-term urban project known as ‘the Terrasses’, which will extend from the Thermes Marins Monte-Carlo to the site currently occupied by Edmond de Rothschild Bank. The mixed-use redevelopment will include modernised thermal facilities, new residences, offices, and retail, with construction likely to begin between late 2027 and early 2028.

A full calendar and a strong start to 2025/2026

With Q1 2025/2026 revenue already up 12% year-on-year, SBM is entering the new fiscal period on solid footing. Summer activity also rose by 7%, driven by growth across all sectors, particularly slot machine gaming, which offset declines in table games.

Looking ahead, the group has scheduled several high-profile events, including the Grand Prix de la Haute Joaillerie on 25th October, the Monte-Carlo Jazz Festival, and the Gala des Étoilés on 29th November, which will coincide with the resort’s annual illumination ceremony.

See also: 

Monte-Carlo SBM posts record-breaking revenue, strong profits in latest fiscal report

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Photo source: MCSBM

 

Merrily Lustig Tornatore to join 2025 Tunnel to Towers run in NYC — this time, with reinforcements

by: Cassandra Tanti
22/09/2025

Monaco resident Merrily Lustig Tornatore will again take part in the Tunnel to Towers 5K Run & Walk on Sunday, 28th September in New York City — this year accompanied by her husband, two local friends and two US-based friends. The event, held in remembrance of first responders who sacrificed their lives in the 9/11 attacks, holds deep personal significance for Merrily, a New York native now living in the Principality.

Born and raised in New York and a longtime member of the MonacoUSA association, Merrily first ran the Tunnel to Towers solo in 2018, and returned to take part again in 2021, 2023 and 2024. This year she is bringing a small team: “I’m doing this run as a tribute,” she says. “I was born in New York, I grew up there, and even after all these years in Monaco, I’ll always be a New Yorker.”

Merrily has shared how profoundly 11th September 2001 still affects her. In a 2021 interview she described watching events unfold from Monaco, unable to reach her mother who was living in Manhattan at the time. She recalled arriving in New York a few weeks later to find a city deeply in mourning, strangers holding up photographs of missing loved ones.

A powerful remembrance: retracing the path of a fallen firefighter

The 5K Tunnel to Towers race retraces the heroic path of Firefighter Stephen Siller, who ran through the Brooklyn–Battery Tunnel in full gear to reach the Twin Towers, where he lost his life. The course has become a powerful symbol of sacrifice and community resilience. For Merrily, joining the event each year is an enduring act of remembrance.

Growing support from the Monaco community

What began as a solo effort has grown into a small movement, with Merrily rallying support both locally and abroad. This year, she’ll be joined by her husband Rémy, two Monaco residents, and two American friends, turning her annual tribute into a shared act of solidarity. “It’s about remembrance and unity,” she said. “We must never forget.”

Tunnel to Towers Foundation continues its mission

Founded in honour of Stephen Siller, the Tunnel to Towers Foundation provides mortgage-free homes and financial support to the families of fallen first responders and injured veterans. Its flagship 5K run draws tens of thousands to New York City every year, helping to fund its growing list of nationwide initiatives.

Merrily encourages friends and supporters from both sides of the Atlantic to participate, donate, or simply spread awareness of the event’s significance. “The families and friends of those who died are still with us,” she said. “That’s why we must keep talking about it — to honour the past and teach the next generation.”

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Photo provided

With new marinas and bold investment, Egypt plans to enter superyacht market

by: Cassandra Tanti
22/09/2025

Egypt is set to turn heads at this year’s Monaco Yacht Show as it unveils an ambitious strategy to position itself as a premier destination for luxury yachting. With cutting-edge marinas, competitive services, and unique access to both the Red Sea and the Suez Canal, the country says it will rival the Mediterranean’s most prestigious ports.

Spearheaded by Minister of Transport Kamel Al-Wazir and Minister of Tourism and Antiquities Sherif Fathy, Egypt’s delegation will highlight the nation’s transformation into a key yachting and maritime tourism hub. “We invite global yachting and tourism leaders to discover Egypt’s incomparable diversity, where timeless civilisation meets endless blue horizons,” said Minister Fathy ahead of the show.

Modern marina developments in destinations such as Hurghada, Sharm El-Sheikh and El Gouna boast state-of-the-art berthing facilities, round-the-clock security, full-service maintenance, and VIP hospitality – all at more accessible rates than those found in traditional Mediterranean or Caribbean ports.

From coral reefs to ancient temples

In Egypt, guests can dive coral sanctuaries in the Red Sea by morning and tour the temples of Luxor and Aswan by private jet in the afternoon. Along the Nile, boutique yachts and dahabiyas deliver a serene blend of river cruising and exclusive cultural exploration.

Looking ahead, Egypt plans to host regattas, rallies, and maritime festivals, supported by sustainability-focused policies aimed at protecting fragile marine ecosystems. Its strategic location, enhanced infrastructure, and direct access through the Suez Canal all reinforce its growing role on the world yachting map.

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Photo: Sharm El-Sheikh, Egypt, credit: Andres Siimon, Unsplash