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.”
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
How to increase your savings
- Have a plan for your savings.
- Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
- Decide on a financial goal that is important to you and put your savings to work for you.
- It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings.
- Carol Glynn, founder of Conscious Finance Coaching
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- Brighton College Abu Dhabi - Dh68,560
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- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
