Hamad Buamim, President and CEO of the Dubai Chamber of Commerce and Industry. — Photo provided
The partnership will leverage Mastercard’s data and analytics offerings for insights and economic insights
The Dubai Chamber of Commerce and Industry has expanded its partnership with Mastercard to leverage Mastercard’s data and intelligence services to drive economic growth in the emirate. The strategic partnership aims to boost the use of digital payments, enable Dubai’s transition to a digital economy and further support small and medium-sized enterprises (SMEs) in the market.
Through this collaboration, Mastercard will offer its data-driven analytics technology to provide insights into rapidly changing consumer spending habits, including measuring the use of online channels. A selection of these ideas will be presented at a series of workshops organized by the Chamber.
“We are delighted to work with Mastercard to support our decision-making when it comes to boosting trade and commerce in the UAE. One of the key pillars of our new 2022-2024 strategy is growing the economy. digital Dubai and improving the business environment. Using Mastercard’s best global technologies, we will ensure that these goals are achieved through deliberate and accurate information that ultimately benefits government, business and residents,” said Hamad Buamim, President and CEO of the Dubai Chamber of Commerce and Industry.
Last year, the institution transitioned to a new model in a paradigm shift for business in Dubai, to strengthen the emirate’s position as a digital economy and global business hub. The strategy recently adopted by Dubai Chambers is based on four main pillars, including improving and developing the business environment, attracting international companies to Dubai, facilitating the global expansion of local companies and promoting of the emirate’s digital economy.
“As Dubai continues to harness the power of technology to drive business growth and sustainability, Mastercard is supporting our government partners on this dynamic journey. With our ability to turn big data into meaningful insights, we are poised to help accelerate the city’s transition to a smart economy. This partnership reinforces our ongoing commitment to empowering SMEs to thrive in a digital world,” said Khalid Elgibali, Business Unit President – Middle East and North Africa, Mastercard.
According to the Mastercard Economics Institute, economic growth in the United Arab Emirates is on an accelerating trajectory in 2022. Along with the strength of the economy comes rising inflation after years of deflation. Pent-up demand from domestic consumers in the UAE is another pillar of growth, and the strong recovery in travel that began in the second half of 2021 is expected to continue this year. Along with the increase in travel, spending on hotels, taxis and car rentals, especially in Dubai and Sharjah, has also increased. Online penetration of products such as electronics remained high, while the most notable rise in e-commerce share was for restaurants.
Mastercard has promoted digital inclusion with governments across the region and paved the way for the establishment 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. — [email protected]