This article highlights the partnership between Dubai’s Department of Economy and Tourism and Mastercard, focusing on their collaboration known as “Digital City” to drive economic growth using advanced payment solutions and digital commerce technologies.
According to the objectives of the Dubai Economic Agenda, D33, the Department of Economy and Tourism of Dubai has signed a Memorandum of Understanding (MoU) with Mastercard in order to further accelerate economic growth in the area.
Mastercard, the market leader in global payments, and Dubai’s economy and tourist authorities have formed a new relationship called “Digital City” that would let Dubai to use the company’s multi-rail payments network and data-driven digital commerce technologies.
The Memorandum of Understanding will facilitate the creation and execution of a multi-year digital collaboration initiative in Dubai. The program will concentrate on four important areas:
- Trade and exports growth: By utilizing Mastercard’s experience with safe and effective payment transactions, the cooperation hopes to open up new global trade prospects for enterprises.
- SME development: The cooperation will give special attention to the expansion of SMEs by giving them access to digital technologies, resources, and mentorship that will encourage innovation, competitiveness, and sustainability.
- Talent attraction and development: Dubai and Mastercard will collaborate to find and nurture local and international talent in the digital industry, assisting in the creation of a competent labor force.
- the expansion of the tourist ecosystem, with the goal of making Dubai one of the top three travel destinations worldwide for both leisure and business travelers.
Additionally, this collaboration is consistent with Mastercard’s mission to energize economies, empower people, and create a sustainable future where everyone can flourish.
The phrase “driving inclusive and sustainable development”
The agreement was signed by J.K. Khalil, cluster general manager of MENA East at Mastercard, and Hadi Badri, CEO of Dubai Economic Development Corporation at DET.
According to J.K. Khalil, “At Mastercard, we acknowledge the boundless potential of partnerships in fostering inclusive and sustainable development, and we are establishing significant partnerships to accelerate digital change around the world. Mastercard has a track record of assisting governments with the digitization of public services, the empowerment of small enterprises, the development of talent, and the promotion of tourism.
“We are excited to join the Department of Economy and Tourism in the region’s first digital city partnership as we leverage the potential of our cutting-edge technology to support Dubai’s ambitious ambition. We are pleased to usher in a new chapter to assist the UAE’s remarkable growth story as we continue to build on our 35-year legacy in the market.
“Unleash the potential of the city in accordance with the D33 Agenda”
Hadi Badri also spoke about how important the alliance is to the area. According to Badri, “This partnership between Digital City and Mastercard, a well-known international brand, comes at a critical time as we are committed to achieving the objectives of the Dubai Economic Agenda 2033, driven by our visionary leadership to further strengthen the city’s central position in the global economy.
In order to further cement Dubai’s status as the most connected city in the world, we are collaborating with a worldwide connector of digital payments through this strategic collaboration.
“Mastercard has a history of working successfully with businesses across a wide range of industries and market categories. This effort also represents a shift in the way that cities and businesses collaborate economically. In accordance with the D33 Agenda, Mastercard will use this relationship to mobilize its broad experience as a global digital leader as well as its resources around the globe.