Monte Carlo, where five-star luxury and glittering surrounds are rarely too far away, including landmarks such as the Place du Casino. Photo by Adam Batterbee
Monte Carlo, where five-star luxury and glittering surrounds are rarely too far away, including landmarks such as the Place du Casino. Photo by Adam Batterbee

The Riviera riches of Monaco



Why Monaco?

The tiny principality, which is not much bigger than London’s Hyde Park, packs a lot into its 202 hectares. Contrary to what many people think, there is more to this strip of the Côte d’Azur than the high-rises of Monte Carlo.

Monaco-Ville, the original fortified town, sits high on a rocky promontory overlooking glossy yachts in Port Hercule. Narrow lanes of pastel-coloured houses, restaurants and shops fan out from the royal palace, where the Grimaldi family has ruled from since the 13th century. It’s a delightful spot, full of charm despite tourists swarming round the palace at 11.55am to watch the daily changing of the guard.

Even those without interest in gambling are drawn to Monte Carlo’s Place du Casino. Here, Charles Garnier’s opulent creation housing the casino and opera house forms a illustrious trio with the Café de Paris and the Hotel de Paris. It takes people-watching (and their cars) to a whole new level.

A comfortable bed

The five-star Hôtel Hermitage (www.hotelhermitagemontecarlo.com; 00377 98 06 40 00) is old-world European elegance personified. Despite its sprawling size, this Belle Époque confection has an air of cocooning intimacy. Many of the handsomely furnished rooms have views over the port, some with large terraces and hot tubs. Like its sister hotel, the Hôtel de Paris, it has direct access to the Thermes Marins spa. Doubles from €320 (Dh1,621). Its Michelin-starred Vistamar restaurant serves exquisitely cooked fish dishes from €48 (Dh243).

Soak up the glamour and history at the five-star Hotel de Paris (www.hoteldeparismontecarlo.com; 00377 98 06 30 00), one of the world's legendary hotels. Many of its sumptuous rooms have balconies overlooking the port, and all guests have access to the private Monte Carlo Beach Club (members of its Abu Dhabi outpost can also enter). Doubles from €360 (Dh1,824). Its celebrated restaurants include Alain Ducasse's three-Michelin-starred Louis XV, where mains start at €88 (Dh446).

Formula One fans will recognise the four-star Fairmont Monte Carlo (www.fairmont.com/monte-carlo; 00377 93 50 65 00) from the hairpin turn in front of this giant landmark. Many of the spacious and comfortable rooms look out over the sea, and all come with balconies with inviting sunloungers. The rooftop swimming pool is a rare and welcome sight. Doubles from €299 (Dh1,515).

Find your feet

Monaco might be small but it is very hilly. Look out for lifts and escalators that will save you a lot of effort climbing up the steep streets of Monte Carlo. You'll find the tourist office at 2 Boulevard des Moulins (www.visitmonaco.com), near the casino.

At Monaco’s western end is Fontvieille, the newest part of the principality. La Condamine, at the foot of Monaco-Ville, overlooks Port Hercule, before Monte Carlo takes over on the other side of the harbour. Larvotto Beach marks Monaco’s eastern edge.

An efficient bus network connects the districts and a little boat regularly shuttles across Port Hercule.

Meet the locals

Catch the more down-to-earth side of Monaco every morning at the lively food market in Places d’Armes in La Condamine. Browse the local produce in the outdoor and indoor markets before having a coffee or lunch in one of the many cafes.

At the other end of the scale is the impeccably dressed crowd at the Bar Américain in the Hotel de Paris (00377 98 06 36 38). Head to the Buddha Bar (www.buddhabar.com; 00377 98 06 19 19), just off Place du Casino, for late-night drinks and Asian food.

Book a table

Monte Carlo added Nobu (www.noburestaurants.com; 00377 97 70 70 97) to its ranks in January at the Fairmont, where top-class Japanese fare comes with Mediterranean views. Try the king crab leg with shiso salsa for €58 (Dh294) or a shrimp tempura sushi roll for €13 (Dh66).

Beefbar (www.beefbar.com; 00377 97 77 09 29) on Fontvieille's quayside lives up to its name, with superb steaks from €27 (Dh137).

Red (www.red-monaco.com; 00377 93 30 62 26) is in an enviable location overlooking Port Hercule, where generous plates of scallop risotto are €24 (Dh122). Afterwards, nip into the adjoining Black Legend nightclub for some Motown and R'n'B.

Shopper’s paradise

The Carré d’Or – golden square – by the Hôtel de Paris and Hôtel Hermitage glitters as you might expect thanks to the profusion of luxury boutiques.

For less astronomical prices, browse the 80 shops in the Metropole Shopping Centre near Hôtel Metropole, where it’s more MaxMara than Hermès.

The shops along Rue Grimaldi in La Condamine are as workaday as you’re likely to get in Monaco. It’s also where motor-racing fans can stock up on Formula One merchandise at the Formule 1 shop at No 15 (00377 93 15 92 44).

What to avoid

Cabs from Nice airport – 23 kilometres away – are extortionate, especially if you’re travelling alone. If you want to avoid fares of about €100 (Dh507), take the express bus for €18 (Dh91).

Don’t miss

All ages are entranced by the wondrous sea life in the aquarium of the Musée Océanographique (www.oceano.mc; 00377 93 15 36 00) in Monaco-Ville. It really is an enjoyably bizarre world in the basement's giant tanks, while the other floors tell the story of underwater exploration over the centuries. Take the lift to the roof where there's a cafe, children's play area, mini tortoise park and a wide observation platform.

Go there

A return flight with Emirates (www.emirates.com) from Dubai to Nice takes six and a half hours and costs from Dh3,925, including taxes.

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What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

RESULTS
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Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
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Drishyam 2

Directed by: Jeethu Joseph

Starring: Mohanlal, Meena, Ansiba, Murali Gopy

Rating: 4 stars

The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km