By Raphael Bonacci T’15 and Hannah Cohen T’16
Raphael is a second-year student at the Tuck School of Business. He worked in corporate development and investment banking in London and Paris. He has an MSc. in economics and finance from the University of Warwick and a BSc. from Solvay Brussels School of Economics and Management.
Hannah is a first year student at the Tuck School of Business. Hannah grew up in Boulder, Colorado. She graduated from the University of Pennsylvania and spent six years serving in the United States Marine Corps.
During spring break, we traveled to the United Arab Emirates (UAE) and Qatar with 25 fellow Tuckies on a trip led by Dirk Vandewalle, adjunct associate professor of business administration at Tuck and an associate professor of government at Dartmouth College. Our trip focused on sustainability in Gulf States, both economically and environmentally. We earned course credit by participating in this Global Insight Expedition (GIX), which counts toward our new Global Insight Requirement.
During our time in the Gulf, we explored three cities: Dubai and Abu Dhabi in the UAE and Doha in Qatar. We studied how these cities have taken their natural oil resources and strategic location, and have been working to transform their economies into more modern, diversified, cosmopolitan models.
In each city we were introduced to diverse businesses, from ports, to custom-free zones clustered by industry, to sovereign wealth funds. At each location, we attended presentations, often followed by Q&As. We were also able to visit Jumeirah Mosque in Dubai, Sheikh Zayed Grand Mosque in Abu Dhabi, the world’s tallest building, the Burj Khalifa in Dubai, the Gold souk and the spice souk in Dubai, and go on a dhow cruise in the Persian Gulf.
The GIX was an eye opening experience in a region that we often hear of, but know so little about. During our trip, we discussed sustainability from different perspectives. We explored the role of Dubai International Financial Centre (DIFC) in providing a business-friendly environment to attract businesses and international investors. We also discussed the role of sovereign wealth funds such as Abu Dhabi Investment Authority (ADIA) and Mubadala Development Company, in contributing to the long-term vision of a more diversified economy. Through seminars facilitated by Professor Vandewalle, we discussed the resilience of the Dubai economy over the 2008 financial crisis and whether the import of cheap labor through immigration is sustainable as well as the social challenges for both immigrants and the local population. Finally, we looked at the role of political stability in the UAE in a fairly unstable region, especially in the aftermath of the Arab Spring.
During the trip we interacted with professionals across sectors, which allowed us to better understand what it is like working in the Gulf States as well as the importance of personal relationships and trust. Our evening drinks with Tuck alumnus Francis Barel T’05, PayPal’s business development manager for the Middle East and North Africa gave us another perspective on some of the opportunities in the region.
Throughout the whole experience, Professor Vandewalle was able to guide our learning about not just the economy, but also the culture. It was an amazing opportunity to bond with Tuckies across classes and learn about how our education can serve us during our careers, as businesses continue to become more global.
Hear from other Tuckies on their Global Insight Expeditions: Georgia and Armenia, India, Israel, South Africa, Japan, and the Netherlands.
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Dubai, view from the Burj Khalifa, 124th floor, UAE |
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Sheikh Zayed Mosque, Abu Dhabi, UAE |
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Desert safari, UAE |
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Doha, Qatar |