The UAE’s Office for Artificial Intelligence, Digital Economy, and Remote Work Applications has joined forces with Mastercard through the signing of a Memorandum of Understanding (MoU). This collaborative effort aims to amplify artificial intelligence (AI) capabilities and preparedness in the region.
Given the increasingly transformative role of AI in society, the initial focal point of this partnership will center on combatting financial crime, fortifying the digital ecosystem, and fostering inclusive growth not only within the UAE but also on a broader scale.
Omar bin Sultan Al Olama, the Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, highlighted the dedicated commitment of the UAE government toward strategic alliances with private sector entities and prominent international corporations. Recognized as pivotal catalysts, these collaborations expedite the integration of artificial intelligence, a crucial element of the nation’s path toward digital advancement and prosperity.
Al Olama underscored the importance of bilateral cooperation, emphasizing the need to fulfill the aspirations outlined in the UAE Strategy for Artificial Intelligence 2031. This strategic blueprint seeks to solidify the UAE’s stature as a leading hub for AI while simultaneously nurturing the development of comprehensive technology-driven frameworks in priority sectors.
Furthermore, Al Olama commended Mastercard’s strides in adopting artificial intelligence and inaugurating a global center dedicated to advanced AI and technology within the UAE.
This partnership’s formalization coincides with the unveiling of Mastercard’s latest global Center for Advanced AI and Cyber Technology in Dubai. Alongside devising AI-powered solutions to combat financial crime, the Center will focus on safeguarding the digital landscape and driving inclusive growth. It is also set to function as a hub for cultivating and recruiting local AI talent, encompassing data engineers and data scientists, all with the goal of accelerating global AI innovation and servicing customers worldwide from the UAE.
Ajay Bhalla, President of Cyber and Intelligence at Mastercard, emphasized the pivotal role of AI in their operations, enhancing digital experiences, mitigating financial fraud, and reducing risks. Bhalla noted that the partnership with the UAE government and the establishment of the Advanced AI Center will enhance customer value and reinforce trust in the digital ecosystem.
Capitalizing on its technical expertise, Mastercard’s new center will also support an Innovation Hub in Dubai. This initiative will foster collaborations between governments and businesses from the region, driving new endeavors in support of ongoing digital transformation efforts.
Dimitrios Dosis, President of Eastern Europe, Middle East, and Africa at Mastercard, acknowledged the UAE’s global leadership in innovative emerging technologies that foster economic growth and digital transformation. He also highlighted the alignment with the National Artificial Intelligence Strategy 2031.
In a rapidly evolving Middle East technology landscape, investments in digital transformation are expected to double in the coming years. AI is projected to contribute significantly to the region’s economic landscape, with substantial implications for global economies. This Dubai-based Center is the latest addition to Mastercard’s network of Advanced AI centers across the world, enabling AI’s application in enhancing cybersecurity and user experiences, ultimately safeguarding over 125 billion transactions annually from fraud.
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