The UAE’s commitment to advancing artificial intelligence (AI) received a significant boost as the Artificial Intelligence, Digital Economy, and Remote Work Applications Office joined forces with Mastercard, a global technology leader, to bolster AI capabilities and readiness in the region. A Memorandum of Understanding was signed, setting the stage for collaborative efforts aimed at battling financial crime, enhancing digital ecosystem security, and fostering inclusive growth both within the UAE and beyond.
Strategic collaborations for AI development
Highlighting the UAE government’s unwavering dedication to forging strategic partnerships with the private sector and leading international enterprises, Mr. Omar Sultan Al Olama, the Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, underscored the pivotal role such collaborations play in accelerating AI adoption. These partnerships are instrumental in propelling the nation towards its digital advancement and prosperity goals. Mr. Al Olama also emphasized the crucial bilateral cooperation necessary to realize the objectives outlined in the UAE Strategy for Artificial Intelligence 2031, which aims to solidify the UAE’s position as a global AI hub and promote technology-driven frameworks across key sectors.
Mastercard, a key partner in this journey, has made significant strides in adopting AI, culminating in the establishment of a dedicated global center for Artificial Intelligence and advanced technology within the UAE. This initiative aligns seamlessly with the UAE’s ambitions for AI-driven growth and innovation.
Mastercard’s commitment to AI and cyber technology
This partnership coincides with the inauguration of Mastercard’s cutting-edge global Centre for Advanced AI and Cyber Technology in Dubai. This hub will focus not only on developing AI-powered solutions to combat financial crime but also on strengthening digital ecosystem security and driving inclusive growth. A pivotal aspect of the center’s mission is the cultivation and employment of local AI talent, including data engineers and data scientists. This workforce will accelerate AI innovation worldwide while servicing customers across the globe from the UAE.
Ajay Bhalla, President of Cyber & Intelligence at Mastercard, highlighted the critical role of AI in the company’s operations, enhancing digital experiences while mitigating financial fraud and risk. He emphasized that the Advanced AI Centre, combined with the partnership with the UAE government, will enhance customer value and reinforce trust in the digital landscape.
Empowering innovation through collaboration
Mastercard’s latest endeavor also involves the establishment of an Innovation Hub in Dubai, where governments and businesses from the region will collaborate on new initiatives that support ongoing digital transformation efforts. This collaboration underscores Mastercard’s longstanding commitment to investing in the UAE’s technological progress, spanning over 35 years.
Dimitrios Dosis, President of Eastern Europe, Middle East, and Africa at Mastercard, acknowledged the UAE’s global leadership in technological innovation and economic growth. He emphasized that this partnership with the UAE aligns with Mastercard’s commitment to ushering in transformative technology and supporting the National Artificial Intelligence Strategy 2031.
AI’s impact on the Middle East
The Middle East is experiencing a rapid technological shift, with predictions of doubled investments in digital transformation in the coming years. PwC estimates that AI will contribute $320 billion to the region and over $15 trillion to the global economy by 2030. These projections underscore AI’s potential to address pressing challenges, such as reducing fraud and increasing access to financial services.
Mastercard’s heritage of AI innovation
Mastercard’s Dubai Centre for Advanced AI and Cyber Technology is the latest in a series of strategic investments in AI. Existing centers in the US, Canada, and India have been instrumental in enhancing cybersecurity and user experiences. Through advanced AI engines, Mastercard safeguards more than 125 billion transactions annually from fraudulent activities, all at impressive speed and scale. Generative AI techniques are also harnessed, using synthetic transaction data to bolster fraud detection and enhance approval rates.
Mastercard’s Dubai Centre will serve as a hub for pioneering new use cases, further driving innovation. With these advancements, Mastercard plans to establish additional Advanced AI Centers worldwide to continue its transformative impact.
The partnership between the UAE’s Artificial Intelligence, Digital Economy, and Remote Work Applications Office and Mastercard heralds a new era of AI-driven growth and innovation. By leveraging AI’s potential, the UAE is poised to cement its position as a global leader in technological advancement and economic prosperity, setting the stage for a brighter and more inclusive digital future.