2. The point of view of the firms and managers already based in the Gulf markets. A business case, by Piero Ricotti. MIB – 14-NOV-2012 Milano, Universita’ Cattolica del Sacro Cuore

3. MIB – 14-NOV-2012 2 Abstract. The intervention will focus on the Gulf market, being seen under the revolutionary perspective of the knowledge economy, as opposed to the oil economy. Paradigm shift from a previously western-centric world; the intervention will provide insights into Gulf approach to projects, and different company structures and business environment.

4. MIB – 14-NOV-2012 3 Abstract (continued) The Gulf-way will be shown, while information about real hands-on experience will be used all over the prolusion, as contextual reference. Focus being on 18 years of working experience within the United Arab Emirates.

5. MIB – 14-NOV-2012 4 The Gulf Cooperation Council (GCC) brings together six countries of the Arabia Peninsula: Saudi Arabia, Bahrain, Qatar, Oman, Kuwait, UAE. The United Arab Emirates (UAE) is a young country just 41 years old. It’s a country being transformed from a simple group of sheikhdoms to a vibrant economy. UAE & GCC

6. MIB – 14-NOV-2012 5 The country has gone trough three major economical phases: Pearl economy; Oil economy; Knowledge economy. From humble beginning, Dubai it is now bidding for the Expo 2020 under the motto “connecting minds, creating the future”, which properly depicts the nation’s vision. More on UAE …

7. MIB – 14-NOV-2012 6 The world of the 21 st century is completely new and many development places have shifted from west to east. As an example, among the first ten largest containers ports which are representing an indication on movement of goods, only one is located in the western world, all other nine are in Asia, and one of them is in Dubai. Why? Economy shift

8. MIB – 14-NOV-2012 7 Certainly building infrastructure starting from scratch has advantages, and allows to jump directly to latest technologies, however I believe that current achievements are due to the leadership and willingness to excel of the rulers, together with a vibrant society with a strong desire to become part of a modern and wealthy country. I can see some connections with the Italian renaissance period. Economy shift

9. MIB – 14-NOV-2012 8 UAE is the seventh country in the world where Italy exports, more than India or Brazil, which are much bigger both in surface and in population. Our export will exceed 5 billion Euros in the year 2012. In the specific of doing business in the UAE various possibilities are available, from incorporating legal entities in free zones to mainland, the latter with majority of shares belonging to the national agent. Economy shift

10. MIB – 14-NOV-2012 9 In the specific of my business case, I’ve managed various companies and learned that local environment is very straightforward and sensitive to: Time Technical specifications Pricing On-time, on-specs, on-costs are the keywords. Personal hands-on experience

11. MIB – 14-NOV-2012 10 Human interaction is also more important in the Gulf as compared to other geographical areas, while bespoken, customized solutions are frequently required. The value of the emotional intelligence is thus very important, together with trust and integrity. Personal hands-on experience

12. MIB – 14-NOV-2012 11 and much more … Globalization is an opportunity, not a threat. The young professional, particularly like you equipped with a Master in International Business, should not be scared by working far from home. The world is one, are existing many places that we can call home. Space and time are bent, as compared to few decades ago: - In 6 hours flight, Europe is connected to the Gulf (space squeezed); - Broadband Internet is ubiquitous (time squeezed).

13. MIB – 14-NOV-2012 12 THANKS Milan, 14 th of November 2012 Contact information: Piero Ricotti can be contacted by mail at the Italian Chamber of Commerce to the UAE on president @iicuae.com.