The Department of Economy and Tourism (DET) of Dubai and Mastercard, a front-runner in payment innovation globally, have inked an innovative Memorandum of Understanding. The pivotal Digital City Partnership will further bolster Dubai’s economic expansion in line with the ambitious Dubai Economic Agenda, D33.
In a ground-breaking move at the city level, this alliance enables Dubai to utilise Mastercard’s extensive multi-rail payments network and data-driven digital commerce technology. This connects more than 100 million merchants worldwide across diverse sectors and segments, addressing key priorities of the D33 Agenda.
The objective behind the partnership is to foster a multi-year Digital Partnership programme in Dubai that will concentrate on enabling the growth of trade and exports, developing SMEs, fostering innovation, attracting and developing talent, and fuelling growth across the tourism ecosystem.
The DET forms the economic bedrock of Dubai, steering the emirate’s economic growth. It cultivates a thriving economic environment that encourages sustainable and innovative businesses. Mastercard, on the other hand, is a global champion in payment innovation and technology, connecting over 100 million merchants worldwide, thereby playing an integral role in driving economic growth.
The partnership will bring about numerous benefits. Mastercard’s proficiency in facilitating secure and efficient payment transactions will allow new international trade opportunities for businesses and expand export capabilities. The collaboration will also prioritise the growth of SMEs, offering them digital tools, resources, and mentorship to foster innovation, competitiveness, and sustainability. Moreover, the alliance aims to leverage digital technologies to further enhance Dubai’s tourism industry through innovative payment solutions and improved visitor experiences.
Additional details reveal that the MoU was signed by Hadi Badri, CEO of Dubai Economic Development Corporation at DET, and J.K. Khalil, Cluster General Manager, MENA East at Mastercard. The Digital City Partnership between DET and Mastercard is set to enhance Dubai’s future readiness by taking advantage of digital technologies and global best practices.
Dubai Economic Development Corporation at DET CEO Hadi Badri said, “This Digital City Partnership with Mastercard, a renowned global brand, comes at a pivotal time, as we are focused on delivering the goals of the Dubai Economic Agenda 2033. Through this strategic alliance, we are partnering with a global connector of digital payments to further strengthen Dubai’s position as the world’s most connected city.”
Mastercard Cluster General Manager, MENA East, J.K. Khalil, remarked, “At Mastercard, we recognise the limitless potential of partnerships in driving inclusive and sustainable development. Mastercard has a proven track record of supporting governments in digitising public services, empowering small businesses, fostering talent and fuelling tourism.”
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