From 23 to 27 November 2025, Xavier de Sarrau, our Managing Partner, represented Gordon S. Blair – Law Offices during the economic mission organized by the Monaco Economic Board (MEB) in Jeddah, Saudi Arabia. This initiative offered an opportunity to explore a key region of the Middle East, currently undergoing major transformation under the Vision 2030 strategic program.   A strategic port city and a true economic hub, Jeddah offers numerous opportunities across a wide range of sectors, including logistics, finance, tourism, yachting, innovation, and renewable energies.   Organized in partnership with the Jeddah Chamber of Commerce, the American Chamber of Commerce Saudi Arabia, and the Jeddah Yacht Club, the mission enabled:   targeted meetings with local economic stakeholders, valuable networking opportunities, and an immersion into a fast-evolving market.   This participation is fully aligned with the ambition of Gordon S. Blair – Law Offices to strengthen its international presence and support its clients in the world’s most dynamic economic regions.

Bill No. 1116 establishing the Initial General Budget for the 2026 fiscal year was tabled in public session and referred to the Commission on October 2, 2025. In view of the evolution of revenues and expenses, the 2026 Initial Budget shows a projected revenue surplus of €8.8 million. For the record, the 2024 financial year closed with a surplus of €192.7 million, while the 2025 Amended Budget shows a revenue surplus of €86 million. The 2026 budget forecasts revenues of €2.217 billion, up +5.7% (or +€118.6 million) compared to the 2025 Initial Budget (€2.098 billion) and expenditure forecasts of €2.208 billion, a slight increase compared to those in the 2025 Initial Budget (€2.187 billion, or +1%, or +€21.3 million). The main guidelines of this 2026 Preliminary Budget are as follows: Revenues for 2026 will increase by €118.6 million (+5.7%), driven by tax contributions (+€136.8 million), while state property revenues will decrease by €19.3 million (-4%). Despite this increase, they remain lower than in 2024 (–€107.7 million) and in the 2025 Amended Budget (–€272.7 million). Operating expenses increased by €41.7 million (+5%). On the other hand, investments fell by €56 million (-6.6%), particularly in acquisitions, the NCHPG, the CTVD and the Ilot Pasteur and Socle Charles III operations, while certain expenditures increased, such as the Villa Sauber (+€18.5 million), the Stade Louis II (+€23.1 million) and the National Housing Plan (+€48 million). In addition, the following actions are being pursued as part of the 2026 Preliminary Budget: Supporting the rollout of other major infrastructure projects, such as the renovation/reconstruction of Cap Fleuri and the renovation of public buildings; Continuing to strengthen resources for pedestrian mobility and digital transition; Supporting the Principality's attractiveness with the restructuring of Place des Moulins and the creation of a new operation dedicated to maintaining the Fontvieille Shopping Center. Finally, actions in the areas of social, cultural, sports, education, and quality of life continue to be supported in the 2026 Initial Budget by the State Budget.   Official source: https://www.conseil-national.mc/2025/10/01/n1116-projet-de-loi-portant-fixation-du-budget-general-primitif-de-lexercice-2026/

Sovereign Ordinance No. 11.486 of 18 September 2025, published in the Journal de Monaco on 26 September 2025, implements Law No. 1.573 of 8 April 2025 on the modernization of company law. It regulates the transfer of acts performed on behalf of a company in formation. For commercial companies other than joint stock companies, the acts are appended to the articles of association and automatically transferred after registration, or may be signed by certain partners or the manager under a mandate. For public limited companies and limited partnerships with share capital, these acts are submitted to the constituent meeting, which may also appoint the first directors. After registration, any takeover requires a decision by the partners, unless otherwise provided for in the articles of association. For joint stock companies, the Ordinance sets out the content of the extract from the articles of association, provides for the publication of the choice of management method by the board of directors and imposes technical means to ensure the identification and participation of directors in the event of a videoconference. It defines the rules for convening, holding and recording general meetings of shareholders, specifying the mandatory information to be included in the notice of meeting, the minutes and the attendance sheet, the possibility of electronic signatures, and the procedures for representation by proxy. It determines the deadlines for the submission of draft resolutions, the communication of corporate documents prior to the meeting, the transmission of written questions and the deadlines for responses, and organizes the procedure for amending the articles of association, in particular by declaration to the Minister of State and publication in the Journal de Monaco. With regard to the public offering of financial securities or the admission of financial securities to trading on a foreign regulated market, which is subject to prior authorization by the Minister of State, the Ordinance stipulates that the application for authorization must contain the same information and documents as those that the public limited company must submit to the stock market authorities of the market concerned. With regard to the conciliation procedure, the application for conciliation must be accompanied by the registration extract, the statement of claims and debts, the securities, the annual accounts and the financial tables for the last three financial years, specifying, where applicable, the date of cessation of payments and the identity of the proposed conciliator. The Ordinance also regulates the time limits for the manager to respond to written questions and the procedures for their transmission prior to general meetings. The provisions of this Ordinance enter into force on 30 September 2025. https://journaldemonaco.gouv.mc/Journaux/2025/Journal-8766/Ordonnance-Souveraine-n-11.486-du-18-septembre-2025-portant-application-de-la-loi-n-1.573-du-8-avril-2025-relative-a-la-modernisation-du-droit-des-societes