Mastercard, which is a front-line payment processing corporation worldwide, has tied up with DET, The Department of Economics and Tourism of Dubai recently. This is a digital city partnership that will help to expand Dubai’s economy and enlarge the economic growth in line with Dubai Economic Agenda, D33. This is the first ever partnership inside the MENA region, specifically with Dubai.

The alliance between Mastercard with Dubai has a few major features and goals, like,

  • Supporting providing benefits to small and medium-sized enterprise 
  • Attracting and implementing more innovative developing talents
  • Boosting Dubai’s tourism system and using it for Citi’s economic growth

The Memorandum of Understanding will increase the economic status and also enlarge the growth of small and medium enterprises inside the region. Furthermore, this partnership will create some major advantages, such as a variety of resources, digital tools, and guidance to stimulate more innovative decisions, sustainable business development, and ecotourism growth.

The plan has the additional aim to attract more new talents to develop the system. Dubai with Mastercard partnership will introduce more opportunities in the digital sector globally, and increase the financial growth in emirates. The deal will also come with more requirements to design an entire workforce which will bring the city’s digital economy a step ahead equipped with some key facilities and capabilities.

Furthermore, this digital city partnership alliance aims to expand Dubai’s Tourism industry further by fostering more digital technologies. Introducing more convenient payment solutions, and ameliorating travel standards for visitors will maximise the growth of Dubai’s economy, and identify it as one of the three most famous cities worldwide in terms of business, leisure, and specialised services.

“This digital city partnership with Mastercard, a renowned global brand, comes at a pivotal time. We are focused on delivering the goals of the Dubai Economic Agenda 2033. We are partnering with a global connector of digital payments to strengthen Dubai’s position as the world’s most connected city. Mastercard has a track record of successful partnerships with companies across a broad range of sectors and segments. This initiative signifies a new paradigm of economic collaboration at the city level,” at DET, said by Mr. Hadi Badri, the CEO of DET Dubai Economic Development Corporation.

Mr. J.K. Khalil, the Cluster General Manager of MENA East at Mastercard, added, “At Mastercard, we recognise the limitless potential of partnerships in driving inclusive and sustainable development. We are forging meaningful collaborations to accelerate digital transformation across the globe. Mastercard has a proven track record of supporting governments in digitising public services, empowering small businesses, fostering talent, and fuelling tourism.”

Dubai Economic Agenda, D33 has been introduced in January 2023 by the VP, Prime Minister of the UAE, and Ruler of Dubai Mr. Sheikh Mohammed bin Rashid Al Maktoum.

What is Dubai’s Economic Agenda D33?

Dubai’s Economic Agenda, D33 is to introduce many innovative and unique projects which will lead to the economic growth of the city to a remarkable stage. The major and last goal is to establish Dubai as the most safest, fastest, and renowned & connected city worldwide. The agenda is to set the GDP high and double the rate by 2023.

The goal can be achieved by involving more advanced technologies and human development. The collaboration with Mastercard will influence the payment platforms, and connect more than 100 million merchants in different sectors globally, to fulfill the major priorities of the D33 agenda.

Mastercard will develop and implement a multi-year Digital Partnership program in Dubai as part of the Dubai/Mastercard deal. This will majorly focus on areas like trade and exports. It will come up with different trade opportunities internationally. In addition, it will also implement a secure payment surface to ensure well organised payment transactions.