The Principality’s strategy of investing in infrastructure beyond its borders took centre stage at a Club Eco Monaco conference held on 5th March at MonacoTech, where representatives from government, transport, energy and telecoms outlined how Monaco’s international stakes generate returns for the Principality and its surrounding region alike.
Moderated by Baptiste Bize, Editor-in-Chief of the Nice-Matin Group, the round table was organised by the Monaco Economic Board and the Nice-Matin Group. Laetitia Faix, Director of the Budget and Treasury Department, opened proceedings by mapping out the tools available to the state: the budget, the Constitutional Reserve Fund, shareholdings in Monégasque companies and stakes in foreign enterprises. Among the latter, she cited the Principality’s shareholding in Aéroports de la Côte d’Azur and its investment in French start-up Flying Whales, which is developing a low-carbon airship capable of carrying 60 tonnes of freight.
Faix also pointed to investments that directly benefit neighbouring communities, including residential buildings financed by Monaco in nearby municipalities to house state employees, and a 180 million euro contribution alongside the Provence-Alpes-Côte d’Azur Region to acquire six new TER trainsets and improve rail services for cross-border workers.
Airport as economic engine
Franck Goldnadel, Chairman of the Management Board of Aéroports de la Côte d’Azur, described the airport as a shared asset serving the wider region, and one where Monaco’s presence as a shareholder carries real weight. The Principality exerts particular influence over connectivity, service quality and environmental commitments — Nice Airport is currently the most advanced in France in terms of decarbonisation. The relationship is mutually reinforcing: an impact study estimates that the airport generates 400 million euros in GDP for Monaco.
Expanding Monaco’s maritime reach
Aleco Keusseoglou, Deputy Chairman of the Société d’Exploitation des Ports de Monaco, described the 2016 acquisition of an 80-year concession over the Cala del Forte marina in Ventimiglia as a rare opportunity to address a longstanding capacity shortage, particularly for vessels over 35 metres. Demand for berths remains strong — he noted that at least one in four ultra-high-net-worth individuals worldwide owns a yacht. A potential next step could be Cap d’Ail harbour, whose concession expires in 2027.
Energy sovereignty and the green transition
SMEG Managing Director Thomas Battaglione outlined how the energy concessionaire is extending its activities well beyond Monaco’s borders. Its subsidiary EVZen operates electric vehicle charging stations across France, while a joint venture with the Prince’s Government — Monaco Energies Renouvelables — has already invested 100 million euros in photovoltaic plants and wind farms in France. The goal is to guarantee full decarbonisation of energy consumed in the Principality while maintaining price sovereignty during periods of crisis.
Telecoms expansion across the Mediterranean
Monaco Telecom, jointly owned by the state and Xavier Niel’s NJJ Holding, has moved decisively into international markets, becoming the sole shareholder of Epic, the leading alternative operator in Cyprus and the leading mobile operator in Malta. CEO Martin Péronnet said the acquisitions allowed Monaco Telecom to export the operational model developed at home, improving the efficiency and market share of both companies. International activities now account for the majority of the group’s revenues, funding high-quality services in Monaco and enabling the company to attract talent it would otherwise struggle to recruit.
Guillaume Rose, CEO of the Monaco Economic Board, closed the session by proposing that the theme be revisited regularly, with tourism added to the agenda as a sector likely to generate fresh strategic questions as these various projects develop.
Stay updated with Monaco Life: sign up for our free newsletter, catch our podcast on Spotify, and follow us across Facebook, Instagram, LinkedIn, and Tik Tok.
Photo source: MEB