Day: 4 May 2026

Monte-Carlo Société des Bains de Mer has completed a major renovation of its seasonal staff accommodation and is pressing ahead with the construction of two new residential buildings, as the Principality’s largest private employer prepares for the 2026 summer season.

The group currently provides 334 beds across properties in Cap d’Ail, Beausoleil, Roquebrune-Cap-Martin and Menton, offered to seasonal employees and interns at preferential rates or free of charge.

Renovation complete

The latest phase of refurbishment, now finished, covers apartments at the Tenao residence in Beausoleil and the New Beach residence in Roquebrune-Cap-Martin. Works included the replacement of all windows and furniture, along with full renovations of flooring, bathrooms, electrical installations, lighting, kitchen areas and paintwork. Every unit in the group’s existing owned stock has now been brought up to the new standard.

The renovation programme was driven by Stéphane Valeri, SBM’s Président-Délégué, who prioritised the modernisation of staff housing upon his arrival in 2023. The project was led by Sophie Vincent, Director of Human Resources, and Luc Leroy, Director of Construction and Built Heritage.

Two new buildings in the pipeline

SBM is also constructing two new residential buildings to expand its portfolio. The Mimosas building in Roquebrune-Cap-Martin will provide 37 beds and is expected to be ready in 2027, while the larger Foch building in Beausoleil will add 88 beds in 2028. Both will offer individual bedrooms and bathrooms, parking, a laundry room and Wi-Fi access, at below-market rents.

Broader recruitment strategy

The accommodation offer forms part of SBM’s wider employer brand strategy, marketed under the “We are Monte-Carlo” banner. The group positions the housing as a competitive advantage in a tight recruitment market, alongside salary scales above French and Italian equivalents, recruitment days held in Monaco and abroad, profit-sharing arrangements, and internal training through the MC SBM Academy.

Seasonal employees and interns who do not live in the Alpes-Maritimes department are eligible for the scheme for the duration of their contract. Senior staff relocating to the region can also access the housing during an initial transition period.

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Photo credit: Monte-Carlo Société des Bains de Mer

The Monaco Economic Board took part in the ICC Europe annual meeting in London on 21st and 22nd April, joining representatives from more than 26 European countries for two days of high-level discussions on the future of international trade.

The event was organised by ICC United Kingdom, which serves as Regional Coordinator for ICC Europe, bringing together countries from across the continent. Representing the MEB, Deputy CEO and Secretary General of ICC Monaco Justin Highman attended a session at the Palace of Westminster on the first day, including a conference in the House of Lords with ICC United Kingdom Chair Lord Karan Bilimoria and ICC Secretary General John W.H. Denton, alongside key private-sector decision-makers.

Trade in focus

The second day, held in the City of London, centred on ICC Europe’s strategic direction amid growing pressure on multilateral trade frameworks. Discussions addressed regulatory divergence and fragmentation in the global trading system, with business leaders exploring practical ways to maintain stability and resilience in international markets. Delegates also examined how the ICC, which represents 45 million companies across more than 170 countries, is adapting its model with greater emphasis on advisory services, events, and business matchmaking to diversify its revenue streams.

Monaco’s moment

The meeting gave the Monaco Economic Board an opportunity to raise the prospect of Monaco hosting a future ICC Europe annual meeting. Networking sessions produced a number of significant connections, including with Shevaun Haviland, Director General of the British Chambers of Commerce, with whom potential avenues for cooperation were discussed — including participation in upcoming economic events and the possibility of a trade mission to Scotland.

Diplomatic courtesy call

During the trip, Justin Highman was also received at the Monaco Embassy in the United Kingdom for a courtesy meeting, at which prospects for strengthening economic ties through joint initiatives were explored.

The two-day mission reflects the Monaco Economic Board’s broader strategy of reinforcing its role as the Principality’s chamber of commerce through active engagement in leading international economic forums.

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Photo source: MEB

Monaco’s labour market closed the year on a slight downturn, with total employment reaching 77,866 jobs, according to IMSEE’s latest Employment Observatory. The figure represents a 0.7% decrease over the year, driven primarily by a slowdown in the private sector, while public employment continued to expand.

Despite this short-term adjustment, the broader trajectory remains firmly upward. Over the past decade, employment in the Principality has increased by 27.6%, underlining the continued resilience of Monaco’s economy.

Private sector normalises after construction peak

The private sector remains overwhelmingly dominant, accounting for 64,770 salaried jobs—more than 92% of all employees. However, it recorded a 1.3% decline over the year, largely linked to a slowdown in the construction sector following the completion of major development projects.

This cooling effect was not fully offset by gains in other industries, even as Monaco’s service-based economy continued to show relative strength. The tertiary sector still represents the backbone of employment, particularly administrative and support services, accommodation and food services, and retail activity.

Administrative and support services remain the largest employer within the private sector, followed closely by hospitality, which continues to expand, while construction has seen a clear contraction after several years of intense activity.

Public sector continues steady expansion

In contrast, the public sector maintained its upward trajectory, reaching 5,393 employees, an increase of around 3% over the year.

Growth was particularly visible across government administration, education, and healthcare-related services, reinforcing their role as stable and structural pillars of Monaco’s employment model.

This divergence between private consolidation and public expansion is not unusual in mature, high-employment economies. IMSEE highlights that such patterns often reflect cyclical adjustments in private activity, balanced by steady institutional growth and continued investment in public services.

A structurally balanced labour market

Beyond short-term fluctuations, Monaco’s employment landscape remains highly structured and stable.

The Principality continues to rely heavily on cross-border labour, with the vast majority of private sector employees commuting daily from France. At the same time, the share of public sector employment remains comparatively small but stable within the overall labour mix.

Teleworking has also become a more established feature of the labour market, reflecting broader changes in working patterns across Monaco’s workforce.

Outlook

While the latest figures confirm a period of moderation in private sector activity, the underlying fundamentals remain strong. Employment levels are near historic highs, and long-term growth continues to define Monaco’s labour market.

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Photo by Virginia D’Umas