Dubai’s Department of Economy and Tourism has signed an initial agreement with global payments company Mastercard for a multi-year digital city partnership to boost the emirate’s economic growth.
The partnership is in line with the goals of the Dubai Economic Agenda D33 strategy and will allow the emirate to use Mastercard’s payments network and data-driven digital commerce technology that connects more than 100 million merchants globally.
It will focus on boosting innovation, developing the tourism sector, enabling the growth of trade and exports, and attracting and developing talent, the Dubai Media Office said on Thursday.
The partnership comes at a “pivotal time, as we are focused on delivering the goals of the Dubai Economic Agenda 2033”, said Hadi Badri, chief executive of the Dubai Economic Development Corporation, a part of the emirate's Department of Economy and Tourism.
“Mastercard has a track record of successful partnerships with companies across a broad range of sectors and segments, and this initiative signifies a new paradigm of economic collaboration at the city level,” he said.
“Through this partnership, Mastercard will mobilise its global resources and extensive experience as a global digital leader to unlock the city’s potential in line with the D33 agenda.”
Launched in January, the 10-year D33 strategy aims to double the size of Dubai’s economy and reach a target of Dh32 trillion by 2033, establishing the emirate among the top three global cities.
The plan envisages a programme to support 30 private companies in their push to achieve unicorn status – start-ups valued at more than $1 billion.
Other business incubators will support the growth of private companies, with 400 of the most promising identified.
D33 also aims to make Dubai a global digital economy leader, as well as the fastest-growing and most attractive global business centre, a centre for sustainability and economic diversification, and an incubator and enabler of talented citizens.
The strategy also seeks to establish the emirate as the world’s safest and most connected city, and a preferred destination for international companies and investments.
Private sector investment in projects geared towards achieving the goals of the D33 agenda is set to exceed Dh1 trillion by 2033.
The latest digital city partnership aims to enhance Dubai's future readiness by taking advantage of digital technology and global best practice, the media office said.
“We are delighted to enter the region’s first digital city partnership with the Department of Economy and Tourism as we harness the power of our advanced technology to help translate Dubai’s ambitious vision to reality,” said J K Khalil, general manager for the Mena East cluster at Mastercard.
“We are proud to build on our 35-year legacy in the market as we usher in a new chapter to support the UAE’s exemplary growth story.”
