Mastercard will support the digital transformation of Dubai as it aims to double the size of its economy over the next decade
Mastercard has announced a partnership with Dubai’s Department for Economy and Tourism (DET), to drive digital transformation in the emirate.
The memorandum of understanding (MoU), labelled the Digital City Partnership, will focus on growing trade and exports, by leveraging Mastercard’s “expertise in facilitating secure and efficient payment transactions”.
It will also support SMEs with digital tools, resources and mentorship, as well as attract talent and enhance Dubai’s tourism industry, by implementing innovative payment solutions and improving visitor experiences.
The multi-year partnership strengthens the goals of the Dubai Economic Agenda, D33, which aims to double the size Dubai’s economy over the next decade.
Dubai will use Mastercard’s digital payments network and commerce technology to address key priorities of the D33 agenda.
Some of key projects of the agenda include doubling the size of its foreign trade—from AED14.2t (US$3.8t) to AED25.6t (US$7t)—launching economic corridors with Africa, Latin America and Southeast Asia, and making Dubai a major innovation hub.
The MoU was signed by Hadi Badri, chief executive officer of the Dubai Economic Development Corporation at DET, and J.K. Khalil, cluster general manager for MENA East at Mastercard.
Badri commented: “By leveraging Mastercard’s expertise and global reach, we look forward to unlocking new opportunities for economic growth and driving digital transformation across multiple sectors in Dubai.”
“This partnership underlines the unique model of collaboration between the government and private sectors in Dubai and aligns seamlessly with the city’s accelerated programmes for economic and digital transformation.”
Khalil said: “We are delighted to enter the region’s first Digital City partnership with the DET as we harness the power of our advanced technology to help translate Dubai’s ambitious vision to reality.”