To accelerate the economic development of the emirate, Mastercard and Dubai's Department of Economy and Tourism have inked a preliminary agreement for multi-year digital city cooperation. The agreement will enable the emirate to utilize Mastercard's payments network and data-driven digital commerce technology, which connects more than 100 million merchants globally and is in line with the objectives of the Dubai Economic Agenda D33 strategy.
It will put an emphasis on fostering innovation, expanding the travel and tourism industry, facilitating the expansion of commerce and exports, and luring and nurturing talent. According to Hadi Badri, CEO of the Dubai Economic Development Corporation, a division of the emirate's Department of Economy and Tourism, the relationship comes at a "pivotal time" as the organization is focused on achieving the objectives of the Dubai Economic Agenda 2033.
“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.”
The 10-year D33 strategy, which was introduced in January, aims to place Dubai among the top three global cities by 2033 by doubling the size of the emirate's economy and reaching a target of Dh32 trillion. The strategy calls for a project to aid 30 private businesses in their quest to become unicorn start-ups, or businesses valued at over $1 billion.
The expansion of 400 of the most promising private enterprises will be supported by additional business incubators.