Always a social highlight, with celebrities and top business people packing into the principality for the weekend, this May's Grand Prix will be the first for many years without previous winner and leading driver Michael Schumacher taking part.



Significantly the F1 sponsors are changing too, with tobacco companies no longer the main sponsors of the teams.

In their place step finance companies such as ING, the Dutch financial services company, who are sponsoring the Renault team. ING will also be sponsoring the Australian Grand Prix.

In addition to ING other finance and banking companies stepping into the Monaco Grand Prix are the Spanish bank Santander, who recently acquired Britain's Abbey National and the Royal Bank of Scotland who will be involved with the Williams team.

'Not so long ago Monaco's Grand Prix weekend was full of tobacco company executives with the cars and advertising hoardings reflecting that,' comment a Monaco travel guide, 'But with EU and other government legislation stopping that the world of Formula One have had to look elsewhere for sponsorship - and they have done that very successfully'.

The major change in the race itself will be the absence of former world champion Michael Schumacher, who retired at the end of this season. Schumacher was involved in several incidents at the Monaco Grand Prix over the years, making the event an even more colourful one for spectactors.

Monte Carlo Economy

Along with the banking and finance sectors sponsoring the teams at the 2007 Monaco Grand Prix, tourism also plays a major part in contributing to Monaco's vibrant economy, with many visitors making day trips from neighbouring France and Italy at other times of the year.

'The Monaco Grand Prix plays a part of course', comment the guide, 'but many tourists want to see what it is really like to be in Monte Carlo, the millionaire's playground. Monaco hotels enjoy high occupation levels despite the day trippers though, as so many business people are in Monaco for two or three days'.

Property prices in Monaco are among the highest in the world, with one bedroom apartments after closing costs starting at around a million Euros.

It's thought unlikely that the new island to be built off Monaco will reduce prices much overall despite the increase in the number of property units available as Monaco property is always in demand.

One company who specialise in Monaco property for sale believe that most new apartments will be sold to investors off plan well in advance of any building work starting.

'The problem with property in Monaco is not the lack of buyers', they say, 'but more the lack of good properties for buyers to choose from. Hopefully the new island will address that. Everyone in Monaco is aware of how important the environment is thanks to Prince Albert's initiatives in pushing it up the political agenda, and any new developments will be low rise. With the good weather in Monaco expect to see plenty of solar panels on the roofs to make the buildings energy efficient'.

It is possible that the new island will be incorporated into future Monaco Grand Prix, which could give more overtaking opportunities.

During his first year Prince Albert has successfully made the people of Monaco aware of global warming and taken steps to combat it, and for his second year and beyond he is likely to be campaigning just as hard at home and abroad on the issue he believes in so much.