Mexico ranks as the second-largest economy in Latin America, and most international companies have a presence in the nation's capital (especially those headquartered across the border in the United States, the country's most important trading partner). But there's homegrown wealth, too, and the number and fortunes of local power players are growing; Mexican telecom magnate Carlos Slim Helú, for example, was recently named the world's richest man, with a personal net worth of around $67 billion.

The second-largest urban sprawl in the world, Mexico City may seem overwhelming to the uninitiated. It helps to know that most business takes place in one of three colonias, or neighborhoods: the Centro, largely the domain of government and banking; Polanco, with embassies, financial companies, management consulting firms, media concerns, and public relations agencies; and Santa Fe, a new development where many international companies have their local satellites.

Where to Sleep
The premier choice for international C.E.O.'s, such as Sy Sternberg of New York Life Insurance Company, is the Four Seasons, housed in a neo-colonial building on Mexico City's central boulevard, Paseo de la Reforma. The huge courtyard terrace is a charming breakfast spot, and the spa is one of the best in the city. In the swanky Polanco neighborhood, the Presidente InterContinental is popular with businessmen of traditional tastes, and not just for its restaurants: The Palm steak house, the French bistro Au Pied de Cochon, and the reliable Italian eatery Alfredo di Roma. The W Hotel, stark white with splashes of bright red, has guest rooms with hammocks in the bath and picture windows with views of the surrounding slice of the Polanco area. In the young and trendy neighborhood of the same name, Condesa DF, an eclectic design hotel with a lively restaurant and terrace bar, has become the meeting point for young actors, artists, musicians, media hotshots, and celebs (including the band Coldplay and Russian tennis star Maria Sharapova).

Where to Eat
Traditional Mexican food is undergoing a renaissance, with several area chefs elevating local fare to alta cocina. Águila y Sol, in Polanco, is at the forefront of the movement, serving sophisticated reinterpretations of Mexican classics in a bright, modern, and formal setting to well-heeled bankers and lawyers. Nearby, the small, spare dining room at Pujol makes for an intimate stage for chef Enrique Olvera's creative takes on Mexican cuisine. More traditional, San Angel Inn, in the south of the city, occupies a converted hacienda; come early to sip margaritas on the expansive terrace before poring over the menu of Mexican and Continental favorites like tortilla soup or duck with blackberries. The seafood joint Contramar, in the hip Roma district, is only open for lunch, but its regulars—largely media professionals and artists—put up with the crowds and long waits for its delicious small plates, such as sashimi tostadas, and the pescado a la talla, or grilled catch of the day.

Where to See and Be Seen
Thanks to the floor-to-ceiling windows at The Whiskey, the lobby bar of the W Hotel, not only can you see the beautiful businesspeople gathered for after-work drinks from the sidewalk, they can see you, too. More removed from the bustle of the street but no less happening, La Terraza, the rooftop bar at Condesa DF, is the place to sip sake cocktails, nibble sushi, and mingle with actors and musicians. Open around the lock, the semi-formal bistro Au Pied de Cochon does not disappoint those looking for some late-night Mexican celeb sightings over a plate of the best steak tartare and pommes frites in town.

Where to Close a Deal
High-flying Mexican power brokers, such as Grupo Cinemex co-founder Miguel Angel Davila, often do business in the intimacy of private clubs. These, like Club de Industriales, inside the JW Marriott hotel and decorated with works by renowned Mexican artists, are open to members or by invitation only. Failing entrée, The Palm, inside the Presidente InterContinental hotel, has a traditional steak house menu, mahogany wood paneling, and dark hushed corners for hammering out the details away from prying eyes and eavesdropping ears.

Airport Intelligence
Tourist visas are issued on arrival (do not lose your card; you will need to hand it in on departure). Follow the signs to the taxi counter, where you state your destination and pay a fixed rate according to the zone you are going to and the amount of luggage you have. Take only authorized airport taxis ("taxis autorizados"), as others will overcharge and may not be safe. Not all cabdrivers speak English; if you do not speak Spanish, it is useful to write down the address where you are headed.

Local Codes
Assume meetings will start on time, but be prepared to wait if some of your party are running late. Greet everyone in the room, even if you already know them or have seen them earlier in the day, by shaking hands with all and kissing women on the cheek.

Starting at around two or later, comida, or lunch, is the main meal of the day, and it, not breakfast or dinner, is the time to talk business. That said, the "business" part of a business lunch occupies only ten percent of the occasion and is generally left until the end, over dessert and coffee. What makes up the rest? Chitchat: family, sports, current affairs, traffic, and the weather.

It is not advisable to pick up taxis from the street, as they are not always safe. Phone a taxi company, go to a taxi stand, or get your hotel or restaurant to call a cab for you. Alternatively, hire a car service for the duration of your stay if you will be moving about a lot. Traffic can be nightmarish, and you cannot assume that taxi drivers will know the way to your destination. Get precise instructions to where you are going, including the street address, cross streets, and any nearby landmarks.

The Three-Hour Tour
Start by taking a walk around the vast Zócalo, or central square. Here you can see the lopsided Metropolitan Cathedral sinking into the marshy ground under the pavement, then admire Diego Rivera's murals inside the majestic Palacio Nacional. The Palacio de Bellas Artes theater, on the eastern side of Alameda Park, is an impressive white building mixing a variety of architectural styles. In Mexico's world-renowned Anthropology Museum in the Bosque de Chapultepec, you can get a good gloss on Mexican history and culture. For modern-day arts and crafts, the government-run Fonart shops carry a wide range of good-quality souvenirs, from jewelry to pottery to books. But if you have more time on your hands and your Spanish is up for some haggling, head for La Ciudadela market to search out bargains.

—Tara FitzGerald