UAE to accelerate AI adoption with Mastercard deal
Partnership comes after Mastercard launched a centre for AI and cyber tech in Dubai
Dubai: The UAE’s Artificial Intelligence, Digital Economy and Remote Work Applications Office signed an MoU with Mastercard on Thursday to accelerate AI adoption across key sectors in the country.
The partnership will focus on battling financial crime, securing the digital ecosystem and driving inclusive growth in the UAE.
Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, said the UAE government’s efforts towards collaborations with the private sector and international companies have been an essential catalyst for expediting the adoption of AI across the board.
The Minister said the importance of realising these aspirations has been outlined in the UAE Strategy for Artificial Intelligence 2031, which aims to consolidate the UAE’s position as a leading hub for AI.
Enhanced innovation
The partnership comes after Mastercard launched its Centre for Advanced AI and Cyber Technology in Dubai. The centre in Dubai is the bank’s latest in AI investments, joining centres in the US, Canada, and India. In addition to developing AI-powered solutions to fight financial crime, it will also serve as a hub to nurture and hire local AI talent, including data engineers and data scientists.
“AI plays a critical role in our operations, powering our products and fuelling our network intelligence to improve digital experiences while reducing financial fraud and risk,” said Ajay Bhalla, President of Cyber and Intelligence at Mastercard.
The bank’s new centre will also support an Innovation Hub in Dubai, where governments and businesses from across the region will collaborate on efforts to support digital transformation.
“By embracing the power of AI, we usher in the next generation of transformative technology and support the National Artificial Intelligence Strategy 2031,” said Dimitrios Dosis, President of Eastern Europe, Middle East and Africa, Mastercard.
According to International Data Corporation, investments in digital transformation will double in the Middle East over the next few years. PwC estimates that AI will contribute $320 billion to the region and more than $15 trillion to the global economy by 2030.