Mastercard has partnered with the UAE government to advance AI capabilities and development in the Middle East. Along with the partnership Mastercard has established a global Centre for Advanced AI and Cyber Technology in Dubai to accelerate generative AI research.
The move marks the UAE as a technology hub for digital transformation and AI readiness. The UAE’s AI, Digital Economy, and Remote Work Applications office signed a Memorandum of Understanding with Mastercard to enhance AI development specifically targeting financial crime, inclusive growth, and nurturing the digital ecosystem.
The UAE is primed to become a powerhouse for AI technology, with the Centre in Dubai aiming to fight cybercrime and boost growth as well as attracting local talent in generative AI and tech.
H.E. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications highlighted the significance of the collaboration to further the UAE’s aspirations in AI, marked by the UAE Strategy for Artificial Intelligence 2031 which focuses on bolstering the nation’s AI capabilities and fostering new technologies in various sectors.
Ajay Bhalla, president, cyber and intelligence at Mastercard commented: “AI plays a critical role in our operations, powering our products and fuelling our network intelligence to improve digital experiences, while reducing financial fraud and risk. The combination of this latest Advanced AI Centre and our partnership with the Government of the UAE will deliver greater value for our customers and ultimately reinforce trust in the digital ecosystem.”
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at Mastercard stated: "The UAE is a global leader in developing innovative technologies to foster economic growth and drive digital transformation. For more than 35 years, Mastercard has been investing in the UAE to harness the power of technology for the good of the nation. By embracing the power of AI through this new partnership, we are ushering in the next generation of transformative technology, and actively supporting the National Artificial Intelligence Strategy 2031.”
Mastercard is committed to expanding in the UAE, having recently partnered with UAE fintech Qashio to launch corporate credit cards with virtual issuance capabilities across the region.