|
|
| Home > City Guide - Madrid - Business | ||
|
||
|
Business Business Profile In addition to being Spain’s administrative, political and communications hub, Madrid is also the leading financial centre and the country’s most important economic region. Over half of Spain’s companies have headquarters in Madrid, along with foreign banks, insurance companies and prestigious business consultants and auditing firms. The national stock exchange (Bolsa) is also based here. However, rival Barcelona is rapidly overtaking Madrid as the favoured location for international companies. The financial, insurance and real estate sectors in Madrid are the most significant contributors to the city’s economy, representing 17% of the Spanish total. These activities are supplemented by other successful service industries, including transport and communications, media and publishing, leisure and tourism – Madrid currently receives around five million visitors a year. As well as making a vital economic contribution, these sectors are the main sources of employment in the city, with around 150,000 people working in the transport and communications sector alone. Foreign companies with a presence in Madrid include IBM, Peugeot, Proctor and Gamble, Shell and Siemens. Major exhibitions and trade fairs take place at Institución Ferial de Madrid (IFEMA) in the grounds of the Parque Ferial Juan Carlos I, Campo de las Naciones (tel: (91 722 5000), and the Palacio de Congresos de Madrid, Paseo de la Castellana 99 (tel: (91) 337 8100). The Comunidad de Madrid (tel: (902) 100 007; website: www.comadrid.es) has up-to-date information about trade fairs and conventions. The stock exchange is situated near the Plaza de Cibeles, however, most modern businesses and an increasing number of banking headquarters are located in the north of the city, along Paseo de la Castellana – sometimes referred to as Urbanización Azca but better known to many as ‘Little Manhattan’. Madrid has launched its bid to host the 2012 Olympic Games. To enhance the city’s prospects, the developers intend to transform an area to the north of the city (already becoming known as La Nueva Castellana) into an ultra-modern sports and recreation zone. At its heart will be the Palacio Olímpico – a 20,000-seater stadium next to the Real Madrid training ground – and four skyscrapers, each rising to a height of 191m (627ft). The president of Real Madrid, Florentino Pérez, is a major investor in the scheme, estimated to cost upwards of €275 million. Javier Mariscal has already devised an emblem for the games but the sponsors are still searching for a slogan that will capture the imagination of Madrid’s citizens. Madrid is protected from the worst ravages of Spain’s unemployment – in September 2000 the level was 9.7% as opposed to 13% nationally. The Madrid economy continued to show strong signs of growth during the first half of 2001, although some indicators point to a slowing down in demand during 2002. Industry appears to be suffering most, while construction remains the most vital sector. The terrorist attacks on New York and Washington in September 2001 instantly impacted upon the tourist sector, with more than 7800 hotel reservations cancelled in the first nine days following the disaster. The luxury end of the market has been worst affected and while the cost of hotel accommodation generally has continued to rise, visitors still may be able to negotiate bargain rates. Business Etiquette Standard business hours are 0900-1400 and 1600-1900, although 0800-1500 is quite common during summer. Larger companies and multinationals, however, are increasingly working through the day (in line with the rest of Europe), although smaller and local businesses still take the mid-afternoon break. Punctuality is not the norm. Traffic jams are commonly used (and readily accepted) as an excuse for arriving 15 minutes late. Breakfast meetings are popular, perhaps because they are usually accompanied by delicious little cakes and strong coffee. Lunch and dinner meetings are also common. Business cards are vital at initial meetings and smart dress, including a suit (and tie for men), is advisable. Small talk is a vital accompaniment to any meeting, as personal relationships must be developed before business can be done. Children, grandchildren, the flight to Madrid and the weather usually occupy the conversation before business rears its ugly head. While Madrileños work extremely hard, nothing is of more importance than the family and it is entirely acceptable for an important telephone conversation to be postponed if a family member rings. |
||
