Dubai Chamber teams up with MasterCard to drive economic growth

By Amirtha P S, Desk Reporter
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Dubai Chamber
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Dubai Chamber of Commerce and Industry has expanded its partnership with the American multinational financial services corporation, MasterCard to leverage the financial service providers’ data and intelligence services to drive economic growth in the Emirate.

The strategic partnership seeks to spur the use of digital payments, enable Dubai’s shift towards a digital economy and further support small and mid-sized enterprises (SMEs) in the market.

In line with this collaboration, MasterCard will offer its data-driven analytics technology to offer insights into the rapidly evolving spending patterns of consumers, such as measuring the use of online channels. A selection of these insights will be showcased during a series of workshops hosted by the Dubai Chamber.

MasterCard has been driving digital inclusion with governments across the region and leading the way in the enablement of smart cities, which hold the key to a more connected and inclusive future. Through its partnerships, MasterCard uses smart solutions and innovative technologies to make cities more efficient and inclusive.

Hamad Buamim
Hamad Buamim
President & CEO
Dubai Chamber

“We are delighted to work with MasterCard to support our decision-making when it comes to boosting commerce and trade in the UAE. A key pillar of our new 2022-2024 strategy is growing Dubai’s digital economy and improving the business environment. By utilizing MasterCard’s global-best technologies, we will ensure these goals are achieved through deliberate and precise insights that ultimately serve to benefit the government, businesses, and residents.”

Last year, the institution transitioned to a new model in a paradigm shift for business in Dubai, in order to strengthen the Emirate’s position as a digitally-driven economy and global business hub.

The newly adopted Dubai Chambers strategy is based on four main pillars, including enhancing and developing the business environment, attracting global companies to Dubai, facilitating the global expansion of local companies, and advancing the emirate’s digital economy.

“With our ability to transform big data into meaningful insights, we are geared to help accelerate the transition of the city towards a smart economy. This partnership further supports our ongoing commitment to empower SMEs so they can thrive in a digital world,” said Mr. Khalid Elgibali, Division President, Middle East and North Africa (MENA), MasterCard.

According to the MasterCard Economics Institute, economic growth in the UAE is on an accelerating path in 2022. Alongside the strength in the economy comes the rise of inflation following years of deflation.

The pent-up demand of domestic consumers in the UAE is another pillar of growth, and the strong recovery in travel which began in the second half of 2021 is expected to continue this year. Consistent with the increase in travel, spending on hotels, taxis and car rentals, particularly in Dubai and Sharjah, has also increased. Online penetration in products like electronics has remained high while the most notable upward eCommerce share shift has been for restaurants.

Related: Mashreq Bank strives for regional digital payment leadership with NEOPAY