Drills and explosions shatter the peace of Monaco's Rocher

Currently undergoing excavation, the 49 storey skyscraper should be completed in 2014.

The current economic climate has forced some sectors to cut their payrolls. However Monaco's construction industry is bucking the trend and taking on more workers. Nice Matin reports that the Government is investing 248 million euros in construction projects, hoping to boost economic recovery.

Emploi : le BTP en plein boom

Future Centre Hospitalier Princesse Grace (CHPG) is priority for Stephane Valeri.

From whichever direction you approach Monaco, one of the first things you notice are the cranes. There's always something being built.

Although there was some consternation when Prince Albert announced the suspension of the planned land reclamation into the sea, that certainly didn't apply to other construction work. Quai Kennedy, the new luxury apartment building overlooking the F1 circuit and the port is completed, and next door, the Yacht Club work will start afresh after the Grand Prix race ends.

The only way is up, as the Principality decides to build into the sky rather than out into the sea.

It's a pity Monaco's land extension into the sea isn't going ahead, but that doesn't mean you can't take a look at the proposals. From now until 6 February, the Grimaldi Forum is exhibiting models of all the plans except those of Norman Foster's group. Entry is free.

Land reclamation, Mecaplast, National Council session, economic agreement with Luxembourg

Land reclamation

The big news story this week was the suspension of the project to reclaim land from the sea. In a press conference on Wednesday morning, the government confirmed that further environmental studies would be made in 2009 to ensure there'd be no negative effects on the marine eco system. In addition, the Minister of State said it made good sense to delay the project in the current economic climate.

Monaco's land reclamation project has been suspended. According to reports, HSH Prince Albert II yesterday announced that it would be irresponsible to go ahead without sufficient environmental safeguards. In addition, the current economic climate requires much more secure guarantees for project financing, something we reported would be reviewed before announcing the winning team. More details are expected to be released this morning during a government press conference.

The Minister of State for Monaco announced in a press statement at the end of September that the planned land extension into the sea would go ahead.

Five plans have been short listed and financing is now being reviewed. It's expected that the winning team will be announced some time between Christmas this year and February 2009 and it's also hoped that a Monegasque company will be involved.