Bright Outlook Envisaged For Monaco's Ports

by Ulrika Lomas, Tax-News.com, Brussels

25 May 2006

A positive outlook is foreseen for the two ports of Monaco, the Principality's government has announced.

On Wednesday 10th May, two years after the commissioning of a new dike, Aleco Keusseoglu, President of the “Société d’Exploitation des Ports de Monaco” (SEPM), stated that, according to forecasts, promising results were expected for port operations.

According to the Monegasque authorities, cruise activity has risen by 11% (with 214 port calls in 2006 compared to 192 in 2005) while passenger numbers have increased by 47.4% (196,000 compared to 133,000).

A 2004 study by the Direction du Tourisme et des Congrès de Monaco concluded that the local economy benefited to the tune of EUR19 million (US$24.2 million), excluding hotels and resteraunts, as a result of the cruise industry.

A modernisation programme is also underway to increase the yacht berthing capacity at the Hercules and Fontvieille ports. Keusseoglu has announced that further berths are to be made available, and in order to ensure complete transparency, a Commission has been set up to allocate berths, including a Commission specifically for the Monaco Grand Prix.

“We are giving the matter great thought so that we can choose a system that can be used for a maximum number of boats," Keusseoglu stated.

Electrification work on the docks in Hercules Port is expected to be completed by the end of 2008. WIFI facilities are also being installed.

Monaco's two ports have been managed by a single entity, SEPM, since 1st January 2006.

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